{"id":21099,"date":"2023-04-24T21:29:04","date_gmt":"2023-04-24T21:29:04","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bed-bath-beyond-4\/"},"modified":"2023-04-24T21:36:42","modified_gmt":"2023-04-24T21:36:42","slug":"bed-bath-beyond-4","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/bed-bath-beyond-4\/","title":{"rendered":"Bed Bath &amp; Beyond shares plunge 25% as retailer goes bankrupt"},"content":{"rendered":"<p>By Deborah Mary Sophia and Bansari Mayur Kamdar<\/p>\n<p>(Reuters) -Shares of Bed Bath &amp; Beyond Inc plunged about 25% on Monday after the home goods retailer&#8217;s long fight to save its business ended in bankruptcy.     <\/p>\n<p>The once high-flying company filed for bankruptcy protection on Sunday and said it had launched a liquidation sale after failing to secure funds to stay afloat. <\/p>\n<p>Bed Bath &amp; Beyond also plans to use Chapter 11 proceedings to seek outside buyers who could keep the business going or purchase discrete assets such as the company&#8217;s 125 baby merchandise stores operated under the buybuy Baby brand. <\/p>\n<p>The company received a U.S. bankruptcy judge&#8217;s permission on Monday to borrow $40 million to stabilize its operations and buy time for an orderly sale process. <\/p>\n<p>A botched merchandising strategy, lower spending by inflation-hit Americans and stiff competition from rivals such as TJX&#8217;s TJ Maxx and Target Corp drove the business under as losses mounted and it ran out of cash.<\/p>\n<p>&#8220;It was deteriorating before COVID, COVID pushed it over the edge. It was mismanaged during COVID, using the remaining cash to buy back stock versus keep a respectable inventory in the store that would attract clients,&#8221; said Thomas Hayes, chairman and managing member at Great Hill Capital. <\/p>\n<p>But Bed Bath&#8217;s downfall is not viewed as a sign of weakness in the broader retail sector. Analysts said some companies, including Walmart Inc, Amazon.com Inc, Target and Williams-Sonoma Inc, stand to gain share and a marginal benefit to revenue. <\/p>\n<p>On Monday, Bed Bath &amp; Beyond was the second-most active stock on Stocktwits, a website popular with individual investors. <\/p>\n<p>Its notes maturing in 2024 remained under pressure, falling around $3 on Monday and pushing the yield to a record high of more than 450%.<\/p>\n<p>U.S. shares of the company pared some premarket losses to trade at 21 cents. <\/p>\n<p>Bed Bath also named interim finance chief Holly Etlin as its new CFO. A bankruptcy expert, Etlin will also oversee the liquidation and sale processes. <\/p>\n<p> (Reporting by Deborah Sophia and Bansari Mayur Kamdar in Bengaluru and Joice Alves, and by Dietrich Knauth in New York; Editing by Devika Syamnath and Sonali Paul)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/bed-bath-beyond-4\/signage-is-seen-at-a-bed-bath-beyond-store\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3N05Z-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3N05Z-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Deborah Mary Sophia and Bansari Mayur Kamdar (Reuters) -Shares of Bed Bath &amp; Beyond Inc plunged about 25% on Monday after the home goods retailer&#8217;s long fight to save its business ended in bankruptcy. The once high-flying company filed for bankruptcy protection on Sunday and said it had launched a liquidation sale after failing [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":21100,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-21099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3N05Z-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=21099"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21099\/revisions"}],"predecessor-version":[{"id":21938,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21099\/revisions\/21938"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/21100"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=21099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=21099"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=21099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}