Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- More than 800 stores are closing across the US in 2023. Here’s the full list.
- More than a dozen major retailers are expected to close at least 800 US stores in 2023.
- Macy’s, Walmart, and Big Lots are among the chains shutting down stores.
- Bed Bath & Beyond is planning to close 416 locations — the most of any retailers on the list.
- Leading the list is housewares giant Bed Bath & Beyond, which once owned more than 1,500 stores across three brands, but is now aiming to end the year with just 480 locations across two brands.
- Tuesday Morning: 265 stores
- Gap and Banana Republic: up to 74 stores
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Bed Bath & Beyond looks for capital infusion, buyer ahead of likely bankruptcy filing
- The retailer is in the midst a sale process in hopes of finding a buyer that would keep the doors open for both of its major chains, its namesake banner and Buybuy Baby, said the people, who weren’t authorized to discuss the matter publicly.
- A Bed Bath spokeswoman said Wednesday the company doesn’t comment on specific relationships but has been working with strategic advisers to evaluate all paths to regain market share and enhance liquidity.
- Earlier this month Bed Bath warned it may need to file for bankruptcy after its turnaround plans failed to substantially boost sales and repair its balance sheet.
- The company reported net losses that exceed $1.12 billion for the first nine months of the fiscal year.
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