Tag: Stores

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Bed Bath and Beyond is closing 87 more stores. See the list

Bed Bath and Beyond is closing 87 more stores. See the list


New York
CNN
 — 

Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy.

These closures are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which sold cosmetics, plus several of the retailer’s flagship-brand stores across the country.

“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a Bed Bath and Beyond spokesperson told CNN. “This store fleet reduction expands the company’s ongoing closure program.”

A company spokesperson also confirmed Wednesday night that it missed a bond payment on February 1, and that it entered a month-long grace period. Debtors will often have a 30-day grace period to make payments before they enter default.

“We are committed to updating all stakeholders on our plans as they develop and finalize,” the spokesperson said.

The spokesperson did not confirm the amount Bed Bath and Beyond owes. However, the Wall Street Journal reported Bed Bath and Beyond “failed to pay more than $28 million on three tranches of notes totaling roughly $1.2 billion due on Feb. 1.”

Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. The retailer became known for its ubiquitous 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} off blue coupons, and cavernous stores with merchandise stacked high to the ceilings. Bed Bath grew its corporate footprint aggressively, peaking at 1,552 stores in 2017.

But it struggled to make the transition to online shopping and to fend off larger chains like Walmart and Target. The retailer started making small trims in 2018 and, in the first year of the pandemic, started closing hundreds of stores, primarily its Bed, Bath and Beyond operations, and getting rid of some of its weaker brands, such as its Christmas Tree Shops.

As of last February, the company had 953 stores left, and it has announced plans to close more than 200 additional stores since then.

The closings not only reduced employee head count and salary expenses, but also the rent it pays. The company’s total store square footage fell by 36{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the four fiscal years ending in February in 2022.

But few troubled retailers have turned around long-term problems through store closings alone. Closings not only reduce costs, they reduces sales. Still, for a cash-starved company, like Bed, Bath and Beyond, the liquidation of inventory can help to raise the cash it needs to help fund operations through a reorganization.

Last week, the company warned in a regulatory filing that it received a notice of default from its lender, JPMorgan Chase. The company said that “at this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code.”

Bed Bath and Beyond defaulted “on or around” January 13, according to the Securities and Exchange Commission filing. It could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes.

These are the locations Bed Bath and Beyond plans to close in the coming weeks:

  • 6850 US Highway 90 Anchor D in Daphne, Alabama
  • 4122 McCain Blvd. in North Little Rock, Arkansas
  • 1834 South Signal Butte Road in Mesa, Arizona
  • 1905 Calle Barcelona Suite 100 in Carlsbad, California
  • 10822 Jefferson Blvd. in Culver City, California
  • 2385 Iron Point Road. in Folsom, California
  • 1405 East Gladstone Street in Glendora, California
  • 14351 Hindry Avenue in Hawthorne, California
  • 72459 Highway 111 in Palm Desert, California
  • 10537 4S Commons Drive, Suite 170 in San Diego, California
  • 165 S. Las Posas Road in San Marcos, California
  • 1865 North Campus Avenue, Building #15 in Upland, California
  • 3125 South Mooney Blvd. in Visalia, California
  • 1605 Fall River Drive in Loveland, Colorado
  • 16531 Washington Street in Thornton, Colorado
  • 20 Hazard Avenue in Enfield, Connecticut
  • 2260 Kings Highway in Fairfield, Connecticut
  • 835 Queen Street in Southington, Connecticut
  • 1065 Silas Deane Highway in Weathersfield, Connecticut
  • 2239 East Semoran Blvd in Apopka, Florida
  • 20560 State Road 7 in Boca Raton, Florida
  • 371 North Congress Ave. in Boynton Beach, Florida
  • 320 Brandon Town Center Dr. in Brandon, Florida
  • 4631 North University Dr. in Coral Springs, Florida
  • 14824 South Military Trail in Delray Beach, Florida
  • 1460 West 49th St. in Hialeah, Florida
  • 6001 24 Argyle Forest Blvd in Jacksonville, Florida
  • 3221 City Station Drive, Suite 125 in Jacksonville, Florida
  • 397 North Alafaya Trail in Orlando, Florida
  • 540 North State Road 7 in Royal Palm Beach, Florida
  • 1 Buckhead Loop in Atlanta, Georgia
  • 3615 South Federal Way in Boise, Idaho
  • 9650 South Ridgeland Avenue in Chicago Ridge, Illinois
  • 5786 Northwest Highway in Crystal Lake, Illinois
  • 215 Harlem Avenue in Forest Park, Illinois
  • 1584 South Randall Rd. in Geneva, Illinois
  • 3232 Lake Ave., Suite 125 in Wilmette, Illinois
  • 2515 Corridor Way Suite 5 in Coralville, Iowa
  • 15335 West 119th Street in Olathe, Kansas
  • 4350 Summit Plaza Drive in Louisville, Kentucky
  • 200 Harker Place Suite 200 in Annapolis, Maryland
  • 12641 Ocean Gateway Suite 240 in Ocean City, Maryland
  • 200 Clifton Blvd in Westminster, Maryland
  • 3 Abbott Park in Burlington, Massachusetts
  • 820 Providence Highway in Dedham, Massachusetts
  • 458 State Road, Rt 6, Suite 100 in North Dartmouth, Massachusetts
  • 665 Merrill Road in Pittsfield, Massachusetts
  • 600 South Street West, Suite 13 in Raynham, Massachusetts
  • 7961 Southtown Center in Bloomington, Minnesota
  • 10770 Sunset Hills Plaza in St. Louis, Missouri
  • 155 Promenade Blvd. in Bridgewater, New Jersey
  • 276 Route 202/31 in Flemington, New Jersey
  • 1160 Route 23 North in Kinnelon, New Jersey
  • 1121 Highway 34, Suite A in Matawan, New Jersey
  • 190 Hamilton Commons in Mays Landing, New Jersey
  • 8 Centerton Road in Mt. Laurel, New Jersey
  • 5131 Sunrise Highway in Bohemia, New York
  • 850 Third Avenue in Brooklyn, New York
  • 459 Gateway Drive in Brooklyn, New York
  • 72 15 25th Avenue in East Elmhurst, New York
  • 251 East Main Street in Elmsford, New York
  • 1490 Union Turnpike in New Hyde Park, New York
  • 2020 South Road, Suite 3 in Poughkeepsie, New York
  • 3064 Route 50 in Saratoga Springs, New York
  • 1455 East Lasalle Drive in Bismarck, North Dakota
  • 3750 Easton Market in Columbus, Ohio
  • 1700 Oxford Drive in Bethel Park, Pennsylvania
  • 3739 William Penn Highway in Monroeville, Pennsylvania
  • 1261 Knapp Road in North Wales, Pennsylvania
  • 160 Quinn Drive in Pittsburgh, Pennsylvania
  • 205 West Blackstock Road in Spartanburg, South Carolina
  • 5523 Highway 153, Suite 112 in Hixson, Tennessee
  • 870 South White Station Road in Memphis, Tennessee
  • 420 East FM 3040 Suite 300 in Lewisville, Texas
  • 6400 West Plano Parkway, Suite 125 in Plano, Texas
  • 2112 SW HK Dodgen Loop in Temple, Texas
  • 1678 West Redstone Center Drive in Park City, Utah
  • 1324 Greenbrier Parkway in Chesapeake, Virginia
  • 24670 Dulles Landing Dr Unit 150 in Dulles, Virginia
  • 12100 Fairfax Towne Center in Fairfax, Virginia
  • 6642 Loisdale Rd. in Springfield, Virginia
  • 4900 Monticello Ave, Suite 4 in Williamsburg, Virginia
  • 2540 South Pleasant Valley Road in Winchester, Virginia
  • 7809B Vancouver Plaza Dr #102 in Vancouver, Washington
  • 1630 West Poplar Street in Walla Walla, Washington
  • 395 Target Way in Morgantown, West Virginia
  • 3575 Rib Mountain Drive in Wausau, Wisconsin

– CNN’s Chris Isidore contributed to this report

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Stores prep for Small Business Saturday sales | News | The Villages Daily Sun

Stores prep for Small Business Saturday sales | News | The Villages Daily Sun

Christina Smith is completely ready to see consumers appear out and shop currently for Small Company Saturday. “We hope to see all people there,” Smith explained. “We will have added workers on responsibility.” Smith is the proprietor of Brylah Fashions, a women’s clothes keep with a locale in Spanish Springs. She mentioned the shop sees superior enterprise all during Thanksgiving weekend, in particular on Modest Small business Saturday. The searching holiday requires place the Saturday immediately after Thanksgiving. American Categorical produced it in 2010 to stimulate people today to help area companies as they do their vacation shopping. Workers at Brylah Fashions commenced preparing several times right before the vacations together with other little enterprises in the group, like Ambrosia on the Sq., Rustic Rose House Accents & Items and Rustic Rose Manner Boutique.

Community tiny business proprietors are keen to see persons out shopping and supporting the local corporations in the community.

“I convey to persons just about every working day I appreciate the nearby aid,” stated Laure Folland, operator of Ambrosia on the Square in Lake Sumter Landing. “Our nearby guidance is so crucial to the accomplishment of our business enterprise over the time we’ve been at Lake Sumter Landing, and we enjoy everybody coming out.”

Compact Organization Saturday is a more substantial day for the Florida-themed reward shop than Black Friday. On Black Friday, she said, individuals tend to shop at huge box stores for greater items, and Compact Small business Saturday is extra of a social day in which customers store for more compact objects.

“Saturday could possibly be the day exactly where they sort of choose that down a notch,” Folland said. She expects this 12 months to be just as busy as past Compact Organization Saturdays centered on how enterprise is going so much.

The National Retail Federation expects the Thanksgiving vacation weekend, which commenced Thursday and ends Monday, to have 166.3 million men and women out browsing. That is 8 million a lot more customers than last year and the best believed number since the NRF commenced monitoring getaway spending details five years in the past, according to an NRF press release.

“While there is significantly speculation about inflation’s impression on client behavior, our information tells us that this Thanksgiving getaway weekend will see strong shop targeted visitors with a record quantity of shoppers using advantage of value pricing,” stated Matthew Shay, president and CEO of the NRF, in a push release. “We are optimistic that retail product sales will continue being robust in the weeks forward, and retailers are ready to meet up with consumers nonetheless they want to store with great items at charges they want to pay back.”

Small Enterprise Saturday is envisioned to be the third busiest working day to store at the rear of Black Friday and Cyber Monday with about 60.4 million people out shopping, according to a push launch.

The Thanksgiving weekend is a busy time for Smith, and she expects no considerably less this weekend and nowadays for Small Business Saturday.

“I’m hoping for a larger and far better weekend just due to the fact I think a lot more and extra people today are lastly out and about,” Smith said. “The hectic time is below. We have a good deal extra to offer than previous years.”

Smith is featuring multiple gross sales, which include 65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} off all regular priced products these days. She also made available the gross sales Friday.

Rosalyn Housley, owner of Rustic Rose Residence Accents & Gifts and Rustic Rose Fashion Boutique in Brownwood, expects nowadays to be incredible at her stores. She stated clients presently started coming in to store for the holidays previous week.

”People enjoy to help their most loved little businesses,” Housley claimed.

Senior Author Summer season Jarro can be reached at 352-753-1119, ext. 5404, or summer season.jarro@thevillagesmedia.com.

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California dealer at Capistrano stores says resisting sticker markups is good business

California dealer at Capistrano stores says resisting sticker markups is good business

Brandon’s to start with temptation to increase current market adjustments to large-need autos arrived in the late 1990s immediately after he purchased Capistrano Volkswagen in the coastal town of San Juan Capistrano. The start of the New Beetle was nine months away and shoppers had been asking whether or not the dealership would choose orders for the remarkably predicted revival of the German automotive legend.

Extra importantly, consumers needed to know whether or not Brandon would provide the New Beetle at sticker value or incorporate hundreds of bucks, as other sellers in the area had been.

“Those were the two straightforward inquiries for me — sure to orders and no to markups,” Brandon, 60, explained to Automotive News. “We swiftly designed a substantial order financial institution, at moments in surplus of 250 automobiles.”

Even though the New Beetle start 24 yrs ago can’t be when compared to the common inventory scarcity of currently, the debate above market place changes has not changed a lot.

Brandon’s mentor, now-retired San Diego automobile dealer Ken Nieman, felt strongly about by no means providing over sticker cost. “It is really much easier to switch a motor vehicle than a customer,” was one of Nieman’s lessons, Brandon mentioned.

“I missing rest a person night acknowledging how a great deal I was leaving on the table,” Brandon mentioned. “But I realized that most shoppers will not consider in conditions of source and need curves, and that making pals for lifestyle is much more vital than catching the huge a single right now.”

The regular $3,000 markup for the New Beetle, multiplied by hundreds of autos, could reach into the tens of millions of dollars again in the working day.

While there was a steady source of New Beetles from the manufacturing unit, VW couldn’t capture up with demand from customers for about 18 months, Brandon stated. That established an opportunity to make a large amount of money from markups — or at good deal of joyful consumers buying at sticker price tag.

Among his content New Beetle prospects was a area few who worked in advertising. They later on assisted the dealership produce the Smileage Guarantee, a set of claims and perks. A person is that no auto is marketed above sticker cost no matter of popularity. Benefits incorporate a 7-day return policy and a professional employees focused on purchaser pleasure.

Brandon added a ground-up Mazda dealership following door to the VW retail store in 2015.

The Smileage Guarantee at the two San Juan Capistrano dealerships was the subject of an Automotive News Most effective Practices tale in 2019.

Last yr, put together gross sales at the dealerships ended up 2,012 new and 780 utilized autos, a decline from pre-pandemic 2019.

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Fashion Fair Cosmetics Receives Makeover, Returns to Stores | Black Voices | Chicago News

Many Black women may be familiar with the cosmetics brand Fashion Fair — founded in 1973 by Eunice Johnson, wife of John Johnson, the Black publishing magnate behind Ebony and Jet magazines.

Though the publishing house is no longer what it used to be, new ownership has given Fashion Fair its own makeover and returned it to store shelves.

“We’re the queen,” said co-owner Desiree Rogers, who bought the company along with fellow former Ebony executive Cheryl Mayberry McKissack. “We started 56 years ago, you know, and we were, if not the first, close to the first. And we’ve always focused on darker skin tones. It wasn’t novel. It wasn’t something that, you know, we thought like, ‘wow, isn’t this hip and cool to do, let’s be politically correct.’ It didn’t exist.”

Founded in 1973, Fashion Fair catered to black women who could afford the department store prices for cosmetics that suited their spectrum of skin tones.

“So for me, it was my first makeup. It was the first makeup my mother allowed me to use and so that is a big deal in any girl’s life because all of us when we’re young, we want to wear something!” Rogers said.

Packaged in iconic pink tubes and compact cases, the brand was seen on hundreds of Ebony Fashion Fair models, as well as fashion show audience members, over the years.

But as Johnson publishing was filing for bankruptcy in 2019, it sold Fashion Fair to former executives Rogers and McKissack.

The business duo, along with another partner, scooped it up with plans of returning it to its former glory.

“So the opportunity to take the historical legacy that Fashion Fair has been known for around the world, certainly all work Mrs. Johnson did bringing Fashion Fair into the marketplace, it’s wonderful,” said Mayberry McKissack. “But yet a little bit scary because, you know, there’s a history and there’s a legacy and you know, we’ve got to make sure that we do it right.”

Chicago-native and celebrity makeup artist Sam Fine returned to help redevelop the product.

Today’s Fashion Fair is vegan and includes natural additives like vitamin C and green tea extract to provide a skin-care benefit.

A range of lipsticks and foundations — in both new and legacy colors — are now presented in white and gold packaging, perched on the shelves of retail beauty giant, Sephora, instead of department store counters.

“Being able to say that you can go to this gondola and find something for your cousin, your sister and your aunt, I think is unique because many of the brands, even in their shade extensions don’t really speak to the nuances of, of coloring that that speak to us so beautifully,” Fine told WTTW News.

But Fashion Fair’s comeback arrives at a time when women of color already have far more choices than in the late 20th century.

Heritage brands have extended their lines to include darker shades, and Rihanna’s all-inclusive Fenty beauty line has sold enough to turn the popstar into a billionaire business mogul.

Research shows that Black women alone spent about $1.3 billion on color cosmetics in 2020 — down from nearly $1.7 billion in 2019, likely because of the pandemic.

Rogers and McKissack say while there’s room for everyone, Fashion Fair is the original — and its new makeover is for those who knew it when, and fresh faces who can get to know it now.

“They’re also gonna see us and I think in a very different way and it really is about us really focusing on women with darker skin tones. That’s our number one focus: we don’t do anything else,” McKissack said.

The pair also co-own Black Opal cosmetics, a mass-market brand designed for Black women, sold in drug stores and Ulta.

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CVS will close 900 stores. That’s great news for Dollar General

Dollar Normal (DG) has swiftly expanded in the United States above the previous decade, in big portion by undercutting independent and chain drug retailers and snatching away some of their shoppers. The price cut big is specially nicely-positioned to capitalize on CVS’ prepared closings.

CVS’ announcement comes at a timely minute for Dollar Typical — accurately as Greenback Standard tries to “build by itself as a wellbeing spot.”

Greenback Common is launching a wellness care initiative for the to start with time, presenting clients in what the enterprise phone calls “health and fitness treatment deserts” in rural The us a assortment of overall health providers in retailers and expanded more than-the-counter products. The business sees this industry as a key advancement place.
Thursday’s “information from CVS (CVS) has the probable to accelerate that chance,” Chuck Grom, a retail analyst at Gordon Haskett Analysis Advisors, said a note to consumers Thursday. CVS’ prepared closings are a “favourable” for Dollar Typical, he added.

Pharmacies on the decline

CVS pointed to changes in “inhabitants, buyer shopping for styles and potential health needs” for its choice to shut stores.

The closings mark the most current contraction of US drug stores in the latest many years. The sector has been under stress from buyers more and more shifting paying out on the web, as properly as to massive-box chains, warehouse golf equipment and greenback retailers. Declining reimbursement fees for prescription medications have also squeezed drug stores’ earnings.

Nationally, the number of pharmacies has dropped from 62,098 in 2015 to 56,788 in 2019, believed the Nationwide Association of Chain Drug Shops, an advocacy group. This includes chain and impartial drug stores, as well as pharmacies in grocery retailers and big box outlets.

Drug stores have been bleeding industry share to Dollar Standard. The corporation and analysts say its charges are ordinarily all over 40{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} reduced than pharmacies.

Health care at Dollar Normal

Greenback Normal has run into opposition from area leaders in lots of parts of the region who argue that it drives out independent grocery stores and pharmacies and does not offer contemporary food stuff at retailers — contributing to the wellbeing treatment problem it now claims it would like to aid solve.

The enterprise in latest years has started out to some produce and clean fruit at stores. Now, Greenback Standard claims introducing overall health treatment is a way to fill a hole in the marketplace, get clients to devote a lot more when they take a look at stores and bring in new buyers.

Dollar stores are starting to offer fresh food after years of criticism

In July, Greenback Common introduced it hired its initially chief medical officer to assistance acquire its wellness care products and services and product or service choices at stores.

Greenback Common also mentioned it planned to enhance its retailer assortment of cough and chilly, dental, dietary, wellbeing aids and feminine hygiene merchandise. Which is a bonus for Dollar Normal for the reason that these things carry higher financial gain margins than most of what it presently provides: largely packaged foodstuff, perishables, paper and cleansing solutions, and particular treatment items.

All over 65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of Greenback General’s shops — far more than 10,000 destinations — are in well being and health-related “deserts,” where by folks have to generate 30 or 40 minutes to get primary providers, CEO Todd Vasos claimed in September.

Wellness care “could be a really huge offer” for Greenback Basic, explained Vasos, who is a former drug retail outlet chain govt.

Dollar Basic will not place pharmacies in its stores, he stated, but it really is discovering alternatives these kinds of as offering eye exams, telemedicine and prescription drug pickups.

He even suggested Dollar Basic could profit from partnering with impartial pharmacies on its health and fitness force.

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Sheey Auto Stores, DCD Automotive Among Buyers In 4 Dealership Acquisitions

4 dealership groups included shops in the mid-Atlantic, Midwest and New England in four transactions late in the 3rd quarter and early in the fourth quarter.

Here’s a glance at the discounts that included import and domestic brand names. One transaction involved a dealership team ranked on Automotive Information‘ prime 150 dealership teams centered in the U.S.

Sheehy grows in Virginia
Sheehy Auto Retailers of Fairfax, Va., has acquired import- and domestic-manufacturer shops in Fredericksburg, Va., about an hour’s travel south of its headquarters.

The Sheehy group, led by President Vince Sheehy, on Sept. 29 acquired Top Buick-GMC and Best Subaru from Randy Harris, president of Supreme Automotive. Sheehy by now experienced a Toyota retail outlet in Fredericksburg.

“Sheehy Automobile Retailers is thrilled to be expanding in the Fredericksburg current market,” Vince Sheehy reported in a assertion. “With the Toyota, Subaru and Buick-GMC brands, we will be in a fantastic position to have specifically the new and utilized autos our customers want.”

Sheehy has renamed the acquired dealerships Sheehy Buick-GMC Fredericksburg and Sheehy Subaru Fredericksburg.

The transaction marks the third Subaru keep and next Buick-GMC dealership for Sheehy, which has dealerships in Maryland and Virginia.

In January, Sheehy purchased a single of the previous CarMax Inc. franchised dealerships: CarMax Laurel Toyota in Maryland. It also marketed a Ford dealership in Marlow Heights, Md., in April.

Sheehy ranks No. 44 on Automotive Information‘ listing of the leading 150 dealership groups centered in the U.S., retailing 19,441 new autos in 2020.
Efficiency Brokerage Companies, an Irvine, Calif., invest in-sell agency, handled the Sheehy-Top transaction.

DCD enters new condition
Growing DCD Automotive Holdings Inc. has entered Rhode Island with the acquisition of two import dealerships.

DCD on Oct. 1 purchased Tarbox Toyota and Tarbox Hyundai, both of those in North Kingstown, R.I., from Ed Tarbox. Tarbox obtained the Toyota dealership in 1996 and experienced owned the Hyundai store since 2004. North Kingstown is south of Warwick, R.I.

The outlets have been renamed Nucar Tarbox Toyota and Nucar Tarbox Hyundai.

“The Tarbox dealerships have terrific histories, with even better groups, and we glimpse forward to making upon their already reliable foundations to provide buyers with a top quality vehicle-buying encounter, quality consumer assistance and a high-quality range of motor vehicles — manufactured even additional expansive with our company’s shared assets and stock,” DCD CEO Chris Dagesse explained in a assertion.

DCD, of Norwood, Mass., now has 18 dealerships during Delaware, Massachusetts, New Hampshire and Rhode Island. In March, DCD bought two Boston-region Chevrolet dealerships.

Woody Woodward and John Hyland of DCG Acquisitions, a Dave Cantin Group firm, handled the DCD-Tarbox transaction.