The bankrupt Bed Bath & Beyond intellectual property, including online domain names, has been pocketed by Overstock, and a new electronic version of Bed Bath & Beyond will be fully presented to consumers later this year.
Two years ago, Bed Bath & Beyond, the second largest retailer of household textiles in the United States, made most of its sales revenue from offline stores. BBB has a unique vision in physical stores, most of which are located in popular locations where household goods customers gather, and the competition around them is not fierce. After the company went bankrupt, BBB’s stores attracted many retailers to compete for acquisitions, among which Burlington Stores ran ahead of the acquirers.
In early March, when Bed Bath & Beyond, Tuesday Morning and other retail companies filed for bankruptcy or began to close their stores, Michael O ‘Sullivan, CEO of Burlington, told investors that the company was paying close attention to these high-quality stores that might be transferred due to bankruptcy. O ‘Sullivan believes that 2023 is a crucial year for low-priced chain retailers, and once 2023 is successfully passed, Burlington Stores will develop rapidly.
According to an analysis by CNBC, Burlington Stores Inc will spend more than $13.5 million to acquire leases for more than 50 original BBB stores in the United States. Bill Read, executive vice president of Retail Specialists, a commercial real estate company, told the Financial Times that many of the store locations acquired by Burlington Stores were “first-class”.
Burlington Stores announced the goal of opening 500 to 600 new stores this year. By the end of the first fiscal quarter, which ended on April 29th this year, Burlington had operated 933 stores in 46 states and Puerto Rico, becoming the third largest discount chain retailer in the United States. In terms of household items, Burlington Stores has doubled its sales in the past five years, and household items have become its largest commodity category.
Post time: Jul-27-2023