BBB in Chapter 11

[buckguy]

https://www.cnbc.com/2023/04/23/bed-bat ... ction.html

I went to one last week and was surprised at how much they had although a lot of it was housebrand. They seemed to have a limited number of brands, but they had a surprising amount of stock from the ones they had.

[rwsandiego]

https://www.cnbc.com/2023/04/23/bed-bat ... ction.html

I went tone last week and was suprised at how much they had although a lot of it was housebrand and they seemed to have a limited number of brands, although they seemed to have asuprising amount of stock from the ones they had.

Funny you said that because I went there last week and found brand-name merchandise that had been out of stock for weeks to be back in-stock and a plethora of house-brand stuff. The shelves were not exactly overflowing with merchandise, but there were things to buy.

[storewanderer]

It appears they got stocked up- for the liquidation sale.

They need those brand items there to have a successful liquidation sale.

I don't think they have enough staff in the stores for this to be easy though.

[ClownLoach]

Typical BB&B all the way to the end. Can't even communicate the story to the news media. Some are saying it's for sale. Some are saying all stores close by 6/30/23. Their own website just says business as usual but they've made "the difficult decision to wind down operations".

[storewanderer]

Typical BB&B all the way to the end. Can't even communicate the story to the news media. Some are saying it's for sale. Some are saying all stores close by 6/30/23. Their own website just says business as usual but they've made "the difficult decision to wind down operations".

They are still hoping for a lifeboat... but now that they have filed that gets a lot more complicated.

Liquidation sales start Wednesday.

They are still delusional. Also why is it not a Chapter 7 if they are winding down?

[retailfanmitchell019]

They are still hoping for a lifeboat... but now that they have filed that gets a lot more complicated.

Liquidation sales start Wednesday.

They are still delusional. Also why is it not a Chapter 7 if they are winding down?

This sounds similar to A&P and Fresh & Easy when those two companies filed Chapter 11 in 2015. Both liquidated their assets, Chapter 7 style. This isn't a surgical bankruptcy (Winn-Dixie, Bashas).
Here's the closing message, similar message for Buy Buy Baby (or Bye Bye Baby):

[storewanderer]

They tried multiple tricks I've never seen before, stock memes, other odd inventory purchase arrangements (Hilco....?).

What they didn't try was trying to run the stores better. When they lost Christmas, by basically starving the stay forward stores of goods but loading closing stores with goods, they basically made their grave. The stay forward stores were so understocked for the last half of 2022, with the die hard customers who kept giving them second chances, Christmas was, for many, the final chance.

[ClownLoach]

They tried multiple tricks I've never seen before, stock memes, other odd inventory purchase arrangements (Hilco....?).

What they didn't try was trying to run the stores better. When they lost Christmas, by basically starving the stay forward stores of goods but loading closing stores with goods, they basically made their grave. The stay forward stores were so understocked for the last half of 2022, with the die hard customers who kept giving them second chances, Christmas was, for many, the final chance.

When I was looking at their Financials last Fall I noticed they had just borrowed every dollar they had in cash on hand from their revolving credit line (the line that should have been used for merchandise purchases).

Then I believe the bank called in the loan.

Their only choice was to liquidate the stores that would deliver the largest cash return from a liquidator. The busiest stores they had stocked with the most merchandise. The stores that should have carried them through the holidays.

As such they were done already back then. They were forced to close all the wrong stores. They had no chance to right the ship.

Everything since has been work to cement fat executive payouts. The CEO is getting over $7M cash severance guaranteed and won't pay any taxes on it because she will write off her losses on the free stock the company bought up off the market and gave to her. Stock she ran into the ground. Wash and repeat with all the other execs. That was their only real mission.

[mbz321]

It appears they got stocked up- for the liquidation sale.

They need those brand items there to have a successful liquidation sale.

I don't think they have enough staff in the stores for this to be easy though.

Exactly as I thought last week or two when I saw Hilco through them a 'lifeline'

[Romr123]

I made one last order from the website yesterday...we'll see if it arrives.