![]() Which is probably where the lawsuits come in. He is setting you up” is a representative comment.) He will screw everyone else so he gets wealthier. In August, shares went up 350 percent, then crashed after Cohen sold his stake, netting him around $59 million, according to CNBC. I guess we have to talk about the whole meme-stock thing again.īasically, in March, billionaire investor Ryan Cohen, the chairman of GameStop and an activist investor whose moves are closely followed by r/WallStreetBets and other Reddit stock-trading boards, disclosed an almost 10 percent stake in Bed Bath & Beyond. The closures and layoffs will save an estimated $250 million in the current fiscal year. It hasn’t been a great decade for the company, but the past couple of years have been particularly bad: After first-quarter sales decreased by 25 percent year over year in 2022, the company fired its CEO, Mark Tritton, who had helmed Bed Bath & Beyond since 2019. According to Patch, the Chelsea location re-signed a ten-year lease in 2020, but, as it noted, “it wouldn’t be the first time a New York City business shuttered shortly after resigning a lease.” Reuters reported at the time that 50 to 60 of its stores would close by February in the “first wave,” and CNBC noted that those closures would target “lower producing” stores. Our condolences go out to followers of the stores at 459 Gateway Drive, 850 Third Avenue in Brooklyn, and 72-15 25th Avenue in Queens. These closures come following the company’s September announcement that it would be shutting down 150 stores (including 2795 Richmond Avenue in Staten Island) and laying off 20 percent of its corporate and supply-chain workforce in an effort to turn around its finances. It’s safe - for now. However, the company is reportedly in talks to declare bankruptcy, so anything could happen. A new round of 87 closures was announced on January 30, including three locations in New York City (though none in Manhattan). Below, a breakdown of the turmoil:įirst and foremost: Is the iconic Bed Bath & Beyond on Sixth Avenue shutting down? Stores are shutting down, lawsuits are swirling, memes are stocking, and bankruptcy looms. Photo: John Nacion/SOPA Images/LightRocket via Getty Imagesīed Bath & Beyond, the store where once upon a time every teenager bought their first set of extra-long dorm sheets, has been in the news a lot lately. ![]()
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