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Bed Bath and Beyond files for bankruptcy

nytimes.com

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Re: Bed Bath and Beyond files for bankruptcy

#31

Post by bearjaws »

This is a huge loss IMO, buying kitchen supplies and bedding on Amazon is complete shit. Target isn't much better due to lack of variety and types of bedding.

I've bought the same bed sheets for 5+ years, a few months ago I bought new ones since some bleach got spilt on one set, it comes in and I could tell immediately the quality was far worse.

One wash later, its ripping & fraying. Thankfully I could return them. Sure enough the seller is a fake typo squatted version of the original seller.

This isn't even my only example, bought a kitchen cutlery set from Amazon during the pandemic since my old one had the handles separating. I get the new set, ONE run in the dish washer and they start to RUST. Hundreds of positive reviews of course.

BBB always had high quality (and expensive) items, I had my last set of BBB cutlery for over a decade.

Re: Bed Bath and Beyond files for bankruptcy

#32

Post by patrickthebold »

humanlion87 wrote: post #8

I find the whole situation fascinating. Bed Bath continued to sell hundreds of millions of shares while they were preparing for bankruptcy and retail investors (or meme stock investors) continued to buy them. I assume Bed Bath did all the paperwork that is necessary (like calling out risks, that the raised capital will go to creditors first, etc) for such a stock sale. But it is clear they were doing it out of bad-fa…

Random thought and I figure there must be a law against this: But what about the opposite, could a company sell off it's assets and do stock buy backs right until it goes bankrupt so that some investors get more $ ahead of the creditors?

Re: Bed Bath and Beyond files for bankruptcy

#34

Post by sieabahlpark »

bearjaws wrote: post #31

This is a huge loss IMO, buying kitchen supplies and bedding on Amazon is complete shit. Target isn't much better due to lack of variety and types of bedding. I've bought the same bed sheets for 5+ years, a few months ago I bought new ones since some bleach got spilt on one set, it comes in and I could tell immediately the quality was far worse. One wash later, its ripping & fraying. Thankfully I could return them. S…

[dead]

Re: Bed Bath and Beyond files for bankruptcy

#35

Post by addaon »

nickthegreek wrote: post #18

Nothing quite like a BBB store closing sale. I've gotten some great items at 40% off over the past few years as they have been closing stores. Only 1 left around me, which is about to close.

40% off actual price, or 40% off list price? Keep in mind this is a company whose business model is to add 20% beyond normal retail price to all items, then distribute 20% off coupons to the entire population of the inner solar system so that people feel like they're getting a "deal" by reducing items to their normal retail margins.

Re: Bed Bath and Beyond files for bankruptcy

#36

Post by mosdl »

bearjaws wrote: post #31

This is a huge loss IMO, buying kitchen supplies and bedding on Amazon is complete shit. Target isn't much better due to lack of variety and types of bedding. I've bought the same bed sheets for 5+ years, a few months ago I bought new ones since some bleach got spilt on one set, it comes in and I could tell immediately the quality was far worse. One wash later, its ripping & fraying. Thankfully I could return them. S…

Agreed, you basically now only have discounters who sell in store small appliances/kitchen supplies. It must not be profitable enough since there are really no other stores in that market other then BBB.

Re: Bed Bath and Beyond files for bankruptcy

#37

Post by dragontamer »

mosdl wrote: post #36
bearjaws wrote: post #31

This is a huge loss IMO, buying kitchen supplies and bedding on Amazon is complete shit. Target isn't much better due to lack of variety and types of bedding. I've bought the same bed sheets for 5+ years, a few months ago I bought new ones since some bleach got spilt on one set, it comes in and I could tell immediately the quality was far worse. One wash later, its ripping & fraying. Thankfully I could return them. S…

Agreed, you basically now only have discounters who sell in store small appliances/kitchen supplies. It must not be profitable enough since there are really no other stores in that market other then BBB.

They call stores like Bed Bath and Beyond a "category killer" for a reason.

If a BBBY hits your mall, there's no point selling appliance / kitchen supplies there. You simply can't compete.

Re: Bed Bath and Beyond files for bankruptcy

#38

Post by zackmorris »

I have no great love for BBB, but they saved me countless times when I was looking for last-minute gift ideas. The store closest to me was always packed, and prices were just enough higher than other stores that I figured they were making bank. As the #1 place people think of for just about anything domestic, I don't know how they could be mismanaged so badly that the whole chain goes under?!

On the flip side, they remind me of all of the ills of the 2000s: McMansions, SUVs, 19 Kids and Counting, excessive wedding registries, homogenization of cities, globalization, just on an on, a fiscally liberal/socially conservative vision of 'Merika which I don't subscribe to. So I guess it makes sense that they imploded as people abandoned materialism post-pandemic?

I think most brick and mortar stores will close by end of decade. To be replaced by drone delivery and service work until 3D printed androids take over those jobs too. Commercial real estate may never be priced higher than it is right now. It will be curious to find out what's keeping rents so high, but I suspect that money is funding retirements and policing the world. When young people pull the plug, it will be interesting to watch more entrenched power structures crumble.

Re: Bed Bath and Beyond files for bankruptcy

#39

Post by jjeaff »

addaon wrote: post #35
nickthegreek wrote: post #18

Nothing quite like a BBB store closing sale. I've gotten some great items at 40% off over the past few years as they have been closing stores. Only 1 left around me, which is about to close.

40% off actual price, or 40% off list price? Keep in mind this is a company whose business model is to add 20% beyond normal retail price to all items, then distribute 20% off coupons to the entire population of the inner solar system so that people feel like they're getting a "deal" by reducing items to their normal retail margins.

The standard practice for store liquidation is to raise all prices to full MSRP, then start out with a 20% or so storewide discount. Then you start discounting incrementally as products sell off.

Re: Bed Bath and Beyond files for bankruptcy

#40

Post by stusmall »

fullshark wrote: post #21
humanlion87 wrote: post #8

I find the whole situation fascinating. Bed Bath continued to sell hundreds of millions of shares while they were preparing for bankruptcy and retail investors (or meme stock investors) continued to buy them. I assume Bed Bath did all the paperwork that is necessary (like calling out risks, that the raised capital will go to creditors first, etc) for such a stock sale. But it is clear they were doing it out of bad-fa…

What was the premise behind buying a stock for a company headed for bankruptcy?

There are two big ones.

1) There is a lot of volatility in this period. There is money to be made at buying in and dumping it at a small, local spike. A lot of the money is made off others trying the same game.

2) Some of these meme stock investors have been sold a bill of goods. Go check reddit.com/r/bbby to see what I mean. Some of them believe this is a larger conflict between good and evil. There is a belief that will be some eleventh hour deus ex machina event where Ryan Cohen will reveal this is all part of his long term scheme to defeat Citadel or whatever. The shifting narratives are insane, hard to follow and even harder to explain. It's basically financial qanon and it's really sad to see. The execs of some of these meme stock companies know exactly what is happening and are very happy to release unethical, vague statements to feed into the fantasy. But the apes are still buying in to prep for this apocalyptic event.

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