![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account – CNN’s Nathaniel Meyersohn and Reuters contributed to this report The company lost 17% of its sales in 2020 and 14% in 2021. The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open. Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded. ![]() It’s also known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings.īut the company struggled to make the transition to online shopping and fend off larger chains such as Walmart and Target Shares of the retailer, which closed up 92% at $5.86 in a rollercoaster session Monday, were down 40% in in pre-market trading Tuesday.įounded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters.īed Bath and Beyond has been part of the meme stock phenomenon, with shares skyrocketing as much as 400% last year when activist investor and GameStop chairman Ryan Cohen took a stake and sought changes. The chain has said in recent weeks that it had defaulted on a loan and may not be able to remain in business, raising concerns about its future. That means that the company will have announced plans to close nearly 500 of the stores it had just a year ago, and the new company will be about half of the size of the old one On Monday, the company said it appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.īed Bath & Beyond said Tuesday it will ultimately have 360 stores and 120 buybuyBaby stores. The company said Tuesday it raised some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. See the listĪ turnaround doesn’t look imminent: The embattled home goods chain forecasts first quarter sales to be down by 30% to 40% with “sequential, quarterly sales improvement thereafter” the filing said. Scott Olson/Getty Imagesīed Bath and Beyond is closing 87 more stores. The retailer's stock plummeted more that 20 percent today after it warned that it was running out of cash to meet expenses and is exploring its financial options which include bankruptcy. FOREST PARK, ILLINOIS - JANUARY 05: Customers shop at a Bed Bath & Beyond store on Januin Forest Park, Illinois.
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