Bed Bath & Beyond is giving up its turnaround effort, reports The Wall Street Journal. The home-goods retailer filed for bankruptcy protection and says it is winding down its business after years of losses, providing a new high-profile casualty in a period of upheaval in the retail trade.
The company has been struggling to keep its shelves stocked after a botched effort to start selling private-label goods cost it the support of major suppliers. The retailer now has about $240 million in financing to keep some 360 Bed Bath & Beyond stores and 120 Buybuy Baby locations open as it liquidates the business.
The shift to private-label merchandise in 2020 was part of an overhaul in the company’s supply chain. But it alienated major brands at the heart of its business, highlighting the sometimes complicated intertwined relationship between merchants and their suppliers.
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- Source: https://www.supplychainbrain.com/articles/37097-bed-bath-and-beyond-liquidates-business
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