header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
55°F
 
Calendar
Today in
S.C.V. History
January 27
1970 - Gov. Ronald Reagan appoints Adrian Adams as Newhall's first "second" judge [story]
Adrian Adams


In a statement released Thursday, Bed Bath & Beyond said that it is considering bankruptcy among other means to stay in business after a sales slump in the third quarter. While the location in the Valencia Marketplace on The Old Road was not on the list of store closures that was released in September 2022, the company recently sent out “Valencia Store Closing Sale” emails to its customers. The full statement below:

Bed Bath & Beyond Inc. provided Thursday a business update and certain preliminary, unaudited estimated financial results for the three months ended Nov. 26, 2022.

For the third quarter of fiscal 2022 (ended Nov.26, 2022), the Company expects to report Net Sales of approximately $1.259 billion compared to $1.878 billion in the year ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors. SG&A Expense is expected to be approximately $583.6 million compared to approximately $698.0 million in the year ago period, driven by the execution of cost optimization initiatives to right-size the Company’s expense structure. The Company anticipates a Net Loss of approximately $385.8 million for the third quarter of fiscal 2022, including impairment charges of approximately $100.0 million, compared to a Net Loss of $276.4 million in the year ago period. These results, including any impairment charges, are subject to further review and potential adjustment.

Sue Gove, president & CEO of Bed Bath & Beyond said, “We have a clear vision for the future of the company. Today’s announcement underscores the importance of having initiated a turnaround at the start of the third quarter and why we strengthened our leadership team to execute each step with precision. Our plan has two anchors: the first enables us to refocus merchandising and inventory, operate more efficiently, and grow our digital and omni-capabilities, and the second focuses on strengthening our financial position. Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress.”

Ms. Gove continued, “Despite more productive merchandise plans and improved execution, our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro- economic challenges. Reduced credit limits resulted in lower levels of in-stock presentation within the assortments that our customers expect. Consequently, we have already leveraged the liquidity gained from the holiday season to immediately pursue higher in-stock levels with support from our key vendors. We have seen trends improve when in-stock levels have increased.”

“Strengthening our ability to serve our customers will continue to drive our decision-making. We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference. We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals. We look forward to providing an update on these fronts on our formal third quarter earnings call next week.”

Ms. Gove concluded, “As always, our employees and partners are our top priorities. Our unwavering engagement with our supplier community will continue as we work together to realize our full potential. We are a team focused on the future and I am grateful for the dedication and hard work of those who are powering our path forward. We will continue to steer our business dynamically to ensure Bed Bath & Beyond, buybuy BABY and Harmon remain destinations of choice for customers well into the future.”

Based on business performance for the third quarter of fiscal 2022, the Company has determined the need for additional time to complete its quarter-end close procedures, including the evaluation of its results in conjunction with quarterly long-lived asset impairment testing. Accordingly, the Company has filed a Notification of Late Filing with the Securities and Exchange Commission (the “SEC”) with respect to its Quarterly Report on Form 10-Q.

In addition, the Company previously commenced an exchange offer and consent solicitation with respect to its unsecured senior notes, which expired on Jan. 4, 2023. While certain holders decided to tender their unsecured notes in the exchange offer and deliver consent in the consent solicitation, the conditions to the exchange offer and consent solicitation have not been satisfied and the exchange offer and consent solicitation were therefore terminated.

While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.

The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code. These measures may not be successful.

About the Company
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
The Los Angeles County Department of Public Health confirmed 19 new deaths throughout L.A. County, 1,123 new cases countywide and 29 new cases in the Santa Clarita Valley.
Friday COVID Roundup: L.A. County Remains in Low Community Level
Teams from the city of Santa Clarita, Santa Clarita Valley Sheriff's Station, Los Angeles County Fire Department and loanDepot competed on Wednesday, Jan. 25 in the Magic Mountain Sky Tower Challenge.
L.A. County Fire Wins Magic Mountain Sky Tower Challenge
Friends of the Children – Los Angeles presented Los Angeles County Supervisor Kathryn Barger with the "Power of One" award at their inaugural Women's Leadership Breakfast held Friday, Jan. 27 at The California Club. Barger was selected to receive the award for her work and dedication to supporting and safeguarding children in Los Angeles County, especially those within the foster care system.
Barger Tapped by Friends of the Children L.A. for ‘Power of One’ Award
The Santa Clarita Artists Association has announced its new Board of Directors for 2023.
Santa Clarita Artists Association Announces 2023 Board
The North County I-5 Enhancements Project has announced that Santa Clarita Valley residents should prepare for a variety of lane reductions and road closures for the week of Jan. 27-Feb. 3.
Jan. 27-Feb. 3: Portions of The Old Road Closed for I-5 Enhancements Project
Everything old is new again and that’s what’s happening at Hart Park in Newhall. Heritage Junction, where eight historic buildings and a steam engine and caboose are on display to the public, has officially been renamed “Santa Clarita History Center” and a new logo designed and adopted.
Heritage Junction Renamed Santa Clarita History Center
TreePeople in partnership with the Old Town Newhall Farmers Market and the Fernandeno Tataviam Band of Mission Indians will be giving away full size fruit trees including lemon, lime, orange, guava, pomegranate and peach on Saturday, Jan. 28.
Jan. 28: Free Fruit Tree Giveaway at Old Town Newhall Farmers Market
Ready to lose your thirsty turf lawn? The Santa Clarita Valley Water Agency will show you where to start! Learn how to remove your lawn and transform it into a beautiful, sustainable landscape. Join our free virtual landscape and gardening workshop, Strategies for Replacing your Lawn, on Saturday, Feb. 4, at 9 a.m.
Feb. 4: Free Workshop ‘Strategies for Replacing Your Lawn’
The Southern California Veterans Study is seeking the input from Veterans living in Los Angeles, Orange or San Diego counties.
Southern California Veterans Study Seeks SoCal Veteran Input
Two California Institute of the Arts alums, Antoine Hunter aka Purple Fire Crow (Dance 2002) and Kite (Music BFA 2014), were among the 45 United States Artists Fellows announced on Tuesday, Jan. 24 who will receive $50,000 unrestricted cash awards.
CalArts Alums Named 2023 United States Artists Fellows
Anyone who has lived in another city will tell you that the events we put on in Santa Clarita are second to none. As we look ahead to the warm weather and sunshine afforded by the arrival of spring, now is a wonderful time to add some of the marquee city of Santa Clarita events to your 2023 calendar.
Ken Striplin | Fun, Family Events Just Around the Corner
1970 - Gov. Ronald Reagan appoints Adrian Adams as Newhall's first "second" judge [story]
Adrian Adams
NEW ORLEANS – The California State University, Northridge Men's and Women's Cross Country programs earned U.S. Track & Field and Cross Country Coaches Association All-Academic Teams for the 2022 NCAA Division I Cross Country season as announced by the USTFCCCA Thursday.
Matadors Cross Country Programs Named to All-Academic Teams
The Santa Clarita Valley Water Agency Board of Directors will now be meeting in-person for all Committee meetings.
Feb. 2: SCV Water Engineering, Operations Committee Regular Meeting
Friends of Placerita Canyon Natural Area invite the public to share in the grand opening of the new "Know Your Nature Center" on Saturday, Jan. 28, at 2 p.m.
Jan. 28: ‘Know Your Nature Center’ Grand Opening
Join Landmark Opera at Santa Clarita United Methodist Church as it presents Gilbert and Sullivan's famous operetta, "The Pirates of Penzance," Sunday, Feb. 5, at 2 p.m.
Feb. 5: Landmark Opera Presenting ‘Pirates of Penzance’
In Santa Clarita Valley Economic Development Corporation's latest episode, you’ll learn about DrinkPAK, a premier contract manufacturer of premium alcoholic and non-alcohol beverages based in Santa Clarita.
SCVEDC’s Latest Podcast Features DrinkPAK CEO Nate Patena
The College of the Canyons Sports Medicine Program and Valencia High School Medical Science Academy will host the 2023 Sports Medicine Professions Fair on Saturday, Feb. 4, from 10 a.m. - noon, at the college's Valencia campus.
Feb. 4: COC, Valencia High Partner to Host Sports Med Fair
The Santa Clarita Performing Arts Center at College of the Canyons will present "Perondi’s Stunt Dog Experience" on Sunday, May 21. Two shows will be offered at 3 p.m. and 7 p.m.
May 21: Santa Clarita PAC Presents ‘Perondi’s Stunt Dog Experience’
On Jan. 19, the Board of Directors for the Santa Clarita Valley Economic Development Corporation approved long-time board member John Shaffery, managing partner of Poole Shaffery, to step into the role of Board co-chair as successor to Roger Seaver.
John Shaffery Named New SCVEDC Co-Chair
The Santa Clarita Valley Sheriff's Station reminds Santa Clarita Valley residents that the past rain event may have created great riding trails, but riding off highway vehicles unauthorized on private property is considered trespassing.
Unauthorized Off Highway Vehicle Owners Reminded to Remain Off Private Property
SACRAMENTO — State Superintendent of Public Instruction Tony Thurmond announced a new partnership at a press event today between the California Department of Education and California Volunteers, Office of the Governor, to promote new pathways for California Volunteers service corps members — a group that includes 10,000 per year across all corps, including the California Climate Action Corps, AmeriCorps, #CaliforniansForAll Youth Jobs and #CaliforniansForAll College Corps — to become teachers in California classrooms.
State Schools Chief Unveils Plans to Recruit More Teachers
The Los Angeles County Department of Public Health confirmed Thursday no additional deaths and 62 new cases in the Santa Clarita Valley, with 23 additional deaths and 1,095 new cases countywide.
Thursday COVID Roundup: 62 New SCV Cases
1990 - "Duplicates" premieres at L.A. Phil; concerto by CalArts Music School dean Mel Powell wins Pulitzer Prize [story]
Mel Powell
SCVNews.com
%d bloggers like this: