These days, the US economy certainly isn’t what it used to be. Much of the economy is being adversely impacted by inflation and subsequent problems.
Because of inflation, businesses are slowing down hiring, laying people off, and taking concerted measures to protect their bottom lines. Likewise, Americans are having to get creative and find new ways to bring in extra income.
Unfortunately, not everyone is going to make it and the same rule applies to businesses as well. New developments from the Gateway Pundit reveal that Bed, Bath & Beyond just filed for bankruptcy.
A Closer Look at the Demise of Bed, Bath & Beyond
Bed, Bath & Beyond’s demise came about after its work to raise equity ultimately failed to pan out. Earlier this year, there were signs of trouble, as the company warned it may not have the funds to pay overhead fees.
Home goods retailer Bed Bath & Beyond filed for chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation the suffering chain would make the financial move.
READ MORE: https://t.co/vsWj78DmpE pic.twitter.com/5LAmHI2I3i
— Forbes (@Forbes) April 23, 2023
This comes after the holiday season of last year didn’t exactly produce the sales that Bed, Bath & Beyond needed. Right now, the company has shifted towards preparing to shut down all of its retail locations.
Complications with vendors also hurt Bed, Bath & Beyond, thus contributing to the company’s failure today.
The MyPillow Factor
In the wake of Bed, Bath & Beyond going under, some Americans believe a factor in this was the company’s choice to cut ties with MyPillow about two years ago.
Many conservatives weren’t thrilled with the company for doing this and hence decided to boycott. Now, there’s a perception that had Bath, Bath & Beyond continued its working relationship with MyPillow, the company may not have needed to file for bankruptcy.
Bed Bath & Beyond blew one billion dollars on stock buybacks, a direct cash transfer to shareholders, in 2021.
Now it's bankrupt, in no small part because of that $1B hole, and….no severance for workers who've been there for 20 years.https://t.co/jkuPMAPW0M pic.twitter.com/rFgSz33VqU
— Sam Dean 🦅 (@SamAugustDean) April 23, 2023
It remains to be seen if Bed, Bath & Beyond makes a comeback. However, in today’s economy, no one should hold their breath. All things considered, other large businesses could also wind up meeting the same fate.This article appeared in New Vision News and has been published here with permission.