A prominent US retailer is making a comeback in the retail scene, but not through traditional store openings. The company filed for bankruptcy in April last year, but relaunched in August after the company's intellectual property assets were bought for $21.5 million by Overstock.com in June. Since then, there have been several changes in leadership and problems to overcome.
However, the retailer seems to be back on track and planning store openings across the US. The retailer, Bed Bath & Beyond, has announced that its parent company, Beyond Inc., is pursuing financial partnerships with existing retail chains.
Photo: Bed Bath & Beyond.
At the Piper Sandler Growth Frontiers Conference, Beyond Inc. Chairman Marcus Lemonis announced Beyond Inc. will collaborate with a company managing hundreds of 5,000 to 7,000-square-foot locations and is forming a financial partnership with another retail company to develop a larger store format.
Negotiations are underway with a liquidator specialising in off-price and reverse logistics stores. Beyond Inc. plans to offer a $50 million secured loan and utilise the liquidator's inventory for Overstock.com.
Source: www.furnituretoday.com