Bed Bath & Beyond has filed for Chapter 11 bankruptcy protection after failing to secure funds to stay afloat and all 360 nationwide stores will eventually close putting 30,000 jobs at risk.
The Union, New Jersey-based home goods retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing. Bed Bath & Beyond stores will stay open for the time being, but a liquidation process has begun which will eventually see all 360 of its stores closing. That means many of its 30,000 workers face losing their jobs.
Bed Bath & Beyond said that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc, according to a separate statement.
except the woke idiots who brought this about will get great severance packages.
ReplyDeleteFor many years, I was a salesman and sales manager for different housewares manufacturers calling on the Bed Bath & Beyond buying office. When they had over 1,000 stores, a vendor could do a large amount of sales with this retail giant. In one three month Christmas season, they sold over $4 million worth of one product that I represented. It is a shame that misguided and ignorant management took charge and destroyed a once-highly successful retailer.
ReplyDeleteMe and the My Pillow guy are laughing our asses off right now.
ReplyDelete