Bed Bath & Beyond is in . The company is trying to rescue itself and stay out of bankruptcy by shrinking.
The chain said Wednesday that it will lay off approximately 20% of corporate employees, close around 150 stores and slash several of its in-house home goods' brands.
Crucially, the company also said it secured more than $500 million in financing to shore up its ailing financial straits.
Berna Barshay, an independent retail analyst, said the company's moves were the "prototypical rearranging deck chairs on the Titanic" and the business was in structural decline.
Shoppers in recent years have switched to other chains such as Target, while the novelty of Bed Bath & Beyond's beloved coupons has faded because consumers can easily find cheap prices on Amazon and other online sites. Shares of Bed Bath & Beyond, which has become a volatile "meme stock" in recent years, fell 20% in early trading Wednesday.
The announcements, part of a "strategic update," came just days after a key investor almost his entire stake in the company and reports surfaced that some Bed Bath & Beyond suppliers due to unpaid bills.
Bed Bath & Beyond also said Wednesday that sales at stores open for at least one year plunged 26% during its latest quarter.
In June, the company announced that CEO Mark Tritton, who joined from Target in 2019 to try to turn things around, was being pushed out. Tritton spearheaded growing the chain's own brands, a strategy that worked at Target, but failed to catch on at Bed Bath & Beyond.
The company said Wednesday that it was reversing this strategy. That means national brands will be featured more prominently, rather than its own brands. Three of its brands will also face the chopping block, including Studio 3B, Haven and Wild Sage.
But major brands may be reluctant to give Bed Bath & Beyond their best stuff, Barshay said.
Bed Bath & Beyond is "financially up against the wall, so it's going to be harder to stay in stock from key vendors," she said. "If you're Dyson and Keurig and you're trying to maintain a halo over your brand, the last thing you want is discounting."
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
The Ministry of Labour is investigating a workplace incident that claimed the lives of two people in Georgian Bluffs, south of Owen Sound.
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Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
The two people who died in a major fire in Old Montreal on Friday were a mother and her seven-year-old daughter, sources told Noovo Info.
Fedaa Nassar says any time she has heard the phone ring in the last year, she becomes overwhelmed with anxiety.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
After a decade of volunteering for one of North America鈥檚 most punishing ultra marathons, an Ontario man decided to challenge himself by stepping up from the sidelines to become a participant.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Former U.S. president Donald Trump plans to return Saturday to the site where a gunman tried to assassinate him in July, setting aside what are now near-constant worries for his physical safety in order to fulfill a promise 鈥 'really an obligation,' he said recently 鈥 to the people of Butler, Pa.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
A rural Colorado county courthouse beefed up security Friday after threats were made against staff and a judge who sentenced former county clerk Tina Peters to nearly nine years behind bars for her role in a data breach scheme catalyzed by the lie that the 2020 election was stolen from former President Donald Trump.
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
The U.S. and British militaries struck more than a dozen Houthi targets in Yemen on Friday, going after weapons systems, bases and other equipment belonging to the Iranian-backed rebels, U.S. officials confirmed.
Prime Minister Justin Trudeau pleaded for peace in the Middle East Saturday, as he decried a civilian death toll he blamed on Hamas, Hezbollah and Israel.
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NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
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The jury tasked with determining if Canadian musician Jacob Hoggard sexually assaulted a young woman in northeastern Ontario eight years ago began deliberating Friday after nearly two weeks of testimony that saw the singer and his accuser give starkly different accounts of what happened.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the right bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
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The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
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Paul Pogba has had his four-year ban for doping reduced to 18 months after appealing to the Court of Arbitration for Sport.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's t蓹m蓹sew虛tx史 Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
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Chayton Point loved to dance. Just ask his mom.
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Two pedestrians have been taken to hospital with unknown injuries after an early-morning collision in Vaughan.
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While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
A pedestrian is in critical condition after being struck by a vehicle in southeast Calgary on Friday night.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
The Winnipeg Jets prevailed 3-2 over the Calgary Flames in Friday's final dress rehearsal for the NHL regular season for both clubs.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.
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Montreal police say they are increasing their presence across the city ahead of the one-year anniversary of the Oct. 7 start of the Israel-Hamas war.
The owner of a Gatineau, Que. caf茅 says it's 'silly' that Quebec's language watchdog is telling the business to write its Instagram posts in French.
Forward Arshdeep Bains hopes his final audition was good enough to earn him a spot in the Vancouver Canucks cast when the curtain opens on the NHL regular season.
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Ukrainian forces said they shot down a Russian fighter plane on Saturday while Russia claimed it made gains in Ukraine's east.
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The federal Fisheries Department says it is concerned about a "pattern" of violence and threats toward its enforcement officers after two tense incidents off southwestern Nova Scotia last month.
It鈥檚 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
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Two police officers in Greater Sudbury required medical attention for injuries they received arresting a man for the second time in just two days.
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Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 鈥淏eing able to recognize smells is something we take for granted, until you can鈥檛.鈥
According to the CBRE鈥檚 latest commercial vacancy rate report, London saw a vacancy rate of 31.4 per cent, the highest downtown commercial vacancy rate in Canada.
A woman whose son died last month while at a Penetanguishene, Ont. beach with another family member wants to see safety increased at the beach.
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Provincial police are investigating a collision along Highway 400 in Tay Township Friday afternoon.
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The Windsor Spitfires General Manager Bill Bowler announced on Friday that Max Brocklehurst has been reassigned to to the Lasalle Vipers.
A motor vehicle collision at Wyandotte Street East and George Avenue has Windsor police on the scene this morning.
We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.
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Many British Columbians were shaken awake early Friday morning when an earthquake struck in the Strait of Georgia, about 18 kilometres southwest of Tsawwassen.
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The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
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To enhance inclusivity at Lethbridge Polytechnic, the institution has launched a new accessibility micro-credential.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
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A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
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He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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