Business Bed Bath & Beyond to cut workers and close 150 stores

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Bed Bath & Beyond on Wednesday said it is cutting 20% of its corporate and supply-chain staff and closing 150 poor-performing stores as it seeks to cut costs amid a sales slump. Shares of the company fell 9% in pre-market trading.

The company also said it has lined up $500 million in new financing, including a $375 million loan. It also announced plans to sell more shares to the public, with the proceeds directed toward paying down debt.

Bed Bath & Beyond has been struggling with declining sales and mounting losses as consumers have shifted to competitors. Earlier this year, GlobalData analyst Neil Saunders noted in a research report that the chain's stores are "rather messy and lack basic merchandising discipline." While its shares had attracted meme-stock traders, the retailer lost one of its big investors earlier this month when Ryan Cohen, the billionaire founder of online pet food company Chewy, sold his stake.

Bed Bath & Beyond said it will also streamline its store brands by discontinuing three of its nine labels: Haven, Wild Sage and Studio 3B.

The company has almost 1,000 locations, which means that it will be shuttering about 15% of its stores, according to FactSet.
 
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We lost ours a long time ago. I haven't seen one near here since either. I think they're just not that common anymore. But I didn't know they were doing this bad. They might be better off selling their brands through a more successful retailer at this point.
 
I only ever went there when I had a coupon in the mail, otherwise shit was just way too fucking expensive when I could go to another big box store and get the same shit but cheaper. There's no need to sell a Yankee Candle big jar at fucking $35 bucks when I can go to the fucking candle store and pay $23 for the fucking thing.

Yes I know I'm a faggot for liking scented candles.
 
I feel as if I have read this same story about Bed Bath & Beyond every year for the last ten years.

How many stores does this company have?
 
The one in my neck of the woods shut its doors about 5 years ago. No big loss. The handful of times I went in it was mostly just browsing because I couldn’t justify spending money on the insane prices they were asking. I like shopping in person as opposed to online, but companies like BB&B make it really hard to do that when I can get the same product on Amazon for 50% or more less than what they’re offering.
 
Surprised it took this long. Bed Bath & Beyond has some comically inept internal IT. These clowns still run mainframes.

The amount of money they are probably paying IBM would probably comfortably cover 150 stores and 20% of their staff just saying
 
Czechem Republic said:
Surprised it took this long. Bed Bath & Beyond has some comically inept internal IT. These clowns still run mainframes.

The amount of money they are probably paying IBM would probably comfortably cover 150 stores and 20% of their staff just saying
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I remember going into one of these stores a couple years back and being amazed that they were still using some ancient POS system that looked like it was from the 90s. They've since upgraded to something more modern but I wouldn't be surprised if it was just a front end for the same ancient system shoved under the counter.

Apart from the generous coupons they gave I didn't see much of a point of going into this store. It was in the same shopping center as a Target which sold mostly the same stuff for cheaper. Their kitchen items ranged from "decent but expensive" to "total shit" and it could be hard to distinguish between them. They had too much gimmicky "as seen on TV" type stuff, like this annoying display for a toilet fragrance dispenser with a way-too-loud voice recording of some British chick going "OI MATE WHEN YOU USE THE LOO IT'S A RIGHT NAFF STENCH INNIT? GET THIS STICKY WICKET AND BOB'S YER UNCLE" The stores are too packed full of stuff, it feels kind of claustrophobic sometimes and it was hard to find things sometimes.
 
I knew getting rid of My Pillow would put them out of biz.
 
Bed bath and beyond...for when you wanna pay a 500% markup on aliexpress-quality stuff
 
TowinKarz said:
Bloodbath and Beyond..



Seriously though? Another casualty of the death of the mall.
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On that note, I wonder what dawn of the dead would be like if they made it today instead of 1978. Would it be set in an amazon warehouse full of stupid shit and zombies or would the characters simply find hundreds of zombies sitting on park benches and in their houses staring at their computer/phone screens mindless tapping the buy button

Doesn't have quite the same ring to it that zombies in a shopping mall has
 
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