May 31, 2023

The retail giant does not resist and files for bankruptcy

Even the retail giant did not resist and declared bankruptcy

Be sure it was discussed earlier here on TV Focus, that the retail sector is going through a crisis and many companies are reorganizing themselves to be able to survive in the market.

The situation is so alarming that even giant retailers do not resist and some declare bankruptcy.

The aforementioned fact recently happened to the powerful “Bed Bath & Beyond”, an American company founded in 1971 for household products and currently owning a network of stores.

The retail giant filed for bankruptcy and sought creditor protection. The estimate is that the company has assets of R$1 billion. Although this value is high, it is not enough to end the debt.

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The network is believed to owe R$10 billion between payments to suppliers, loans and financing. The retail giant recently received a $240 million grant from Sixth Street Specialty Lending Inc., but that won’t stop the chain’s stores from closing their doors.

Amid bankruptcy filings, nearly 400 Bed Bath & Beyond stores will close. A portion of the business will be sold and in-app purchases will no longer be active.

Across the website, the giant retailer lamented its sad end and thanked customers: “We thank all of our loyal customers. We’ve made the difficult decision to start winding down our operations,” read part of the text.

The chain has declared bankruptcy and will close its stores (Dania Maxwell/Los Angeles Times via Getty Images)

Why isn’t “BED BATH & BEYOND” the only one?

Just like the retail chain, many companies have ended their activities outside of Brazil in recent years.

Recently, Atari, which was famous for creating electronic games in the 70’s, 80’s and 90’s, has announced its decline.

The reason for the end will be the low sales of its products and the lack of new investors, because without money it is impossible to continue producing new technologies.

Atari declared bankruptcy in 2013 - Reproduction Pictures Online
Atari declared bankruptcy in 2013 – Reproduction Pictures Online

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