Shares of Bed Bath & Beyond Inc. plunged about 25 per cent on Monday after the home goods retailer's long fight to save its business ended in bankruptcy.
Shares of Bed Bath & Beyond Inc. plunged about 25% on Monday after the home goods retailer's long fight to save its business ended in bankruptcy.
Bed Bath & Beyond also plans to use Chapter 11 proceedings to seek outside buyers who could keep the business going or purchase discrete assets such as the company's 125 baby merchandise stores operated under the buybuy Baby brand. A botched merchandising strategy, lower spending by inflation-hit Americans and stiff competition from rivals such as TJX's TJ Maxx and Target Corp. drove the business under as losses mounted and it ran out of cash.
But Bed Bath's downfall is not viewed as a sign of weakness in the broader retail sector. Analysts said some companies, including Walmart Inc., Amazon.com Inc., Target and Williams-Sonoma Inc., stand to gain share and a marginal benefit to revenue.
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