Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Arnal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a “pump and dump” scheme to artificially inflate the price of the company’s stock.īed Bath & Beyond said in August that sales at stores open for at least one year plunged 26% during its latest quarter. Earlier this month, Gustavo Arnal, the retailer’s chief financial officer, jumped to his death from a New York City high rise. It’s a fraught time for the home-goods chain. “All currently planned store closings have been announced, and we will continue to review our portfolio where it makes sense to profitably support our customers and business,” the company said in a statement. It also secured a crucial $500 million in new financing as the holiday shopping season approaches. Along with shuttering stores, the company said in August it will lay off about 20% of its corporate employees and cut some of its in-house home goods stores. The downsize is part of the struggling retailer’s last-ditch effort to stabilize as it struggles in financial turmoil. Kevork Djansezian/APīed Bath & Beyond's chaotic 90s beauty isn't for the internet age Gove said in the memo Tuesday that Bed Bath will hold a town hall on Wednesday to discuss its future.Customers shop inside a Bed, Bath & Beyond store in Los Angeles in June 2005. In August, it said it would cut about 20% of its corporate and supply chain workforce and close about 150 of its namesake stores.Įarlier Tuesday, Gove told investors that Bed Bath has made progress in reducing its operating expenses and will cut costs by an additional $80 million to $100 million, with some of those savings coming from a reduced workforce. 26, 2022, according to a company filing.īut since then, the company's employee count has gotten smaller. Bed Bath issued a "going concern" warning last week, saying it may run out of funds to cover expenses.īed Bath had about 32,000 employees, as of Feb. The company's store shelves have gotten barer as suppliers demand upfront payment, stop shipping goods or change other payment terms. A representative for Berkeley Research Group didn't immediately respond to a request for comment.īed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow. Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner."ĪlixPartners declined to comment. Initially, Bed Bath was working with Berkeley Research Group, but opted to replace the firm with AlixPartners recently, said people familiar with the matter, who declined to be named because they weren't authorized to discuss the matter.īed Bath said it doesn't comment on "specific relationships." The company instead referred to earlier comments from Gove: "We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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