Retail Watchers

So what is interesting is that there are headlines on CNBC today that BB&B stores generally paid low rent, well below market. So there are many locations where it turns out the landlords happily parted ways because they are going to go make a fortune. The next question is how many of these leases were sold off by the company itself? Sounds like they weren't closing "high rent unprofitable locations" but instead may have unloaded low rent stores because the landlords would take them back? Basically sounds like everyone wants to see this chain just die already, including their own management.

Looks like, as should come as really no surprise, BBB is inching closer and closer to bankruptcy
https://www.cnn.com/2023/03/30/business ... index.html

mbz321 wrote: ↑March 30th, 2023, 7:26 pm Looks like, as should come as really no surprise, BBB is inching closer and closer to bankruptcy
https://www.cnn.com/2023/03/30/business ... index.html

So their finance deal with the Hudson Bay people has been canceled. CNBC mentioned other credit lines slashed or closed. They will have a retailers run on the bank equivalent: any customer who hasn't already spent a gift card will show up (good luck buying anything unless you're interested in store fixtures) and the vendors are all going to demand immediate payment (if they hadn't already asked for cash up front), cut off shipments, and force a bankruptcy filing. The most audacious thing I read was that somehow the company was looking to buy their own stock? WITH WHAT? You couldn't deliver a bigger insult to the tens of thousands of employees who lost their jobs with zero severance. The corporate office is trying to turn into "apes" and play their own stock in a game of Russian Roulette. These executives, starting with the CEO, should be imprisoned. Not sure what crime they've committed but I'm sure if someone investigates them they'll find something besides an unimaginable amount of greed.

I hope that when they show up at bankruptcy court with paperwork requesting hundreds of millions of dollars of bonuses for "critical executive retention" the judge tells them to pound sand.

No, the CEO said they have a new lifeline. They will now have funds from B. Riley. This money will be used to buy inventory to restock the stores in the coming weeks.
https://brileyfin.com/

They will use this lifeline to revive the BBB and Baby formats. Also, I just read that Linens N Things is going to come back, it will be taking real estate off of BBB's hands from 250 vacant locations to help get BBB lease liabilities under control since BBB has failed to file bankruptcy and get the leases of dead stores off its books like a typically insolvent company does. Linens N Things will reportedly be funded by the US Postal Service as they hope to drum up business for shipping.

Back to seriousness, I am starting to think the people in power are stringing this out so they can keep getting paid as long as possible...

storewanderer wrote: ↑March 30th, 2023, 10:36 pm
They will use this lifeline to revive the BBB and Baby formats. Also, I just read that Linens N Things is going to come back, it will be taking real estate off of BBB's hands from 250 vacant locations to help get BBB lease liabilities under control since BBB has failed to file bankruptcy and get the leases of dead stores off its books like a typically insolvent company does. Linens N Things will reportedly be funded by the US Postal Service as they hope to drum up business for shipping.

They will be successful. I am as confident in their success as I am with Fleming going forward...
Whoops...

retailfanmitchell019 wrote: ↑March 30th, 2023, 10:39 pm

storewanderer wrote: ↑March 30th, 2023, 10:36 pm
They will use this lifeline to revive the BBB and Baby formats. Also, I just read that Linens N Things is going to come back, it will be taking real estate off of BBB's hands from 250 vacant locations to help get BBB lease liabilities under control since BBB has failed to file bankruptcy and get the leases of dead stores off its books like a typically insolvent company does. Linens N Things will reportedly be funded by the US Postal Service as they hope to drum up business for shipping.

They will be successful. I am as confident in their success as I am with Fleming going forward...
Whoops...

It is funny you should mention Fleming. Fleming is also going to be coming back to help with this effort. They will source all of the consumable goods- the baby diapers and such and also the drug/beauty items since BBB no longer has the procurement network from Harmon in place.

storewanderer wrote: ↑March 30th, 2023, 10:36 pm No, the CEO said they have a new lifeline. They will now have funds from B. Riley. This money will be used to buy inventory to restock the stores in the coming weeks.
https://brileyfin.com/

They will use this lifeline to revive the BBB and Baby formats. Also, I just read that Linens N Things is going to come back, it will be taking real estate off of BBB's hands from 250 vacant locations to help get BBB lease liabilities under control since BBB has failed to file bankruptcy and get the leases of dead stores off its books like a typically insolvent company does. Linens N Things will reportedly be funded by the US Postal Service as they hope to drum up business for shipping.

Back to seriousness, I am starting to think the people in power are stringing this out so they can keep getting paid as long as possible...

The latest headline is a bit more amusing. Ex CEO Tritton is sueing BB&B for unpaid severance. Apparently his Golden parachute hasn't been paid since January.

ClownLoach wrote: ↑March 31st, 2023, 10:39 pm

storewanderer wrote: ↑March 30th, 2023, 10:36 pm No, the CEO said they have a new lifeline. They will now have funds from B. Riley. This money will be used to buy inventory to restock the stores in the coming weeks.
https://brileyfin.com/

They will use this lifeline to revive the BBB and Baby formats. Also, I just read that Linens N Things is going to come back, it will be taking real estate off of BBB's hands from 250 vacant locations to help get BBB lease liabilities under control since BBB has failed to file bankruptcy and get the leases of dead stores off its books like a typically insolvent company does. Linens N Things will reportedly be funded by the US Postal Service as they hope to drum up business for shipping.

Back to seriousness, I am starting to think the people in power are stringing this out so they can keep getting paid as long as possible...

The latest headline is a bit more amusing. Ex CEO Tritton is sueing BB&B for unpaid severance. Apparently his Golden parachute hasn't been paid since January.

BBB owes all of us here at Retailwatchers money as well.

BBB is really not run correctly. Had they filed bankruptcy back when they should have (last November), ex-CEO would be in line with the rest of the creditors. I would normally commend them for not filing bankruptcy but in a hopeless case you just need to go file bankruptcy and BBB is a hopeless case.

I am surprised the ex-CEO is suing though. Like does ex-CEO actually expect they will pay this? Probably file bankruptcy before it goes anywhere in the courts.

Here's another classic.

https://wpgtalkradio.com/end-of-an-era- ... -for-good/

Reading more of the amusing Reddit about BB&B.

Apparently stores are overflowing with literal garbage because the bills aren't getting paid for trash pickup. Muzak has turned off the music because bills aren't paid.

Sounds like the flames are growing.