Party City filed for bankruptcy protection in mid-January, leaving a question mark hanging over the fate of its 800 company and franchisee-owned stores, including 13 located along the Front Range. Retail sales have fallen in three of the past four months and the holiday season came in weaker than expected, with December proving to be an “ugly” month, according to a research note from the economics team at Wells Fargo. in Loveland will now include the loss of stores in Dillon, Grand Junction, Glenwood Springs and Northglenn.Ĭonsumers are spending down the excess savings they built up during the pandemic and real income gains aren’t keeping up with inflation. The initial closures announced at 16531 Washington St. The retailer’s new backers appear to want more belt-tightening and that is coming in the form of additional store closures, which will not be welcome news for malls around the state. It had warned it faced a possible liquidation in bankruptcy court but earlier this week arranged a $225 million stock offering, part of a larger capital infusion that could grow to $800 million down the road. The home goods retailer recently defaulted on a loan to JP Morgan and missed a $25 million interest payment due on Feb. But now that list includes six of its 19 locations in the state. All rights reserved.Digital Replica Edition Home Page Close Menuīed Bath & Beyond initially planned to shutter only two Colorado stores when it announced its latest round of closures last week. The CNN Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Toys "R" Us, Linens 'n Things, Radio Shack and Pier 1 are just some of companies considered "zombies," where investment firms scoop up the recognizable assets for dirt-cheap prices and hope to revive them, usually online. If the Overstock bid is approved, Bed Bath & Beyond will join a list of collapsed retailers whose brands got a second lease of life - in a very different form. Neil Saunders, a retail analyst and managing director at GlobalData Retail, previously told CNN that the buybuyBaby business "is the one part of the operation that will probably attract interest from buyers." The buybuyBaby chain, which Bed Bath & Beyond owns, is being sold off in a separate sales process and is considered the most attractive part of the retailer's assets. Overstock didn't immediately return CNN's request for comment. 'We're proud to invest here and add to New York City's 'return to normal' to serve residents and visitors alike,' Mark Tritton, president and CEO of Bed Bath & Beyond, said in a press. Ten Twenty Four, a software company, also bid for the domain and will buy it if Overstock's deal falls through.Ī hearing is set for next Tuesday to finalize the purchase. Overstock's bid was the first and ultimately the most lucrative for Bed Bath & Beyond's assets, setting the minimum price (a.k.a. However, the deal won't keep its stores open, which are currently closing after Bed Bath & Beyond filed for bankruptcy in April. The retailer's name, intellectual property and digital assets were purchased by for $21.5 million, according to court documents released Thursday. The Union, New Jersey-based home goods retailer has had the store, located at 620 Sixth Ave., for the past. NEW YORK - Bed Bath & Beyond will live on. Bed Bath and Beyond opened its flagship store in Chelsea on Thursday. The company closed dozens of locations in the last year, a number of them in the tri-state area.
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