Canadian Bed Bath & Beyond locations going out of business

This, according to court documents filed with the Superior Court of Justice on Feb. 10 through which they sought creditor protection. The parent company’s 11 buybuy BABY locations in Canada are also closing, of which none are in the Greater Sudbury area. Of the 65 locations total, 27 are in Ontario.

“Even prior to the COVID-19 pandemic, retailers like the Bed Bath & Beyond Group faced dramatic declines in retail foot traffic as consumers shifted their spending to online platforms like Amazon and Wayfair. The rapid changes resulted in a surge of retail bankruptcy filings.”These efforts were interrupted by the pandemic, according to the document.

“Ultimately, the Bed Bath & Beyond Group’s liquidity constraints resulted in a significant number of key suppliers either tightening or revoking the ability of the Bed Bath & Beyond Group to access inventory on credit.”

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Bed Bath & Beyond's Canadian operations are going out of business | CBC NewsBed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy. The company operates 54 Bed Bath & Beyond stores and is insolvent, documents show. This is what happens when hedge funds short a stock into oblivion without oversight. They threw in the towel 😲 Bed, Bath to Infinity and Beyond.
Source: CBCNews - 🏆 2. / 99 Read more »