Jakarta, CNBC Indonesia – The tsunami of the bankruptcy of the household appliance retail giant is currently underway in the United States. One such example is Bed Bath & Beyond, which decided to close dozens of branches in the United States when the country was experiencing inflation.
The home improvement retailer plans to close 56 locations with lower sales. This figure represents at least around 20% of the store.
The closures are part of a larger plan to try and stabilize the company’s finances. As the company’s sales continue to decline.
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By the end of August, Bed Bath had raised more than $ 500 million in new funding. Its workforce is also shrinking, as the company reduces corporate staff and supply chain by around 20%.
As a result of this move, the company’s shares have fallen by around 38% so far this year. At noon on Thursday (9/15/2022), the stock was trading at around US $ 8.90, up around 1.6%.
Additionally, Bed Bath & Beyond is also looking for new leadership to replace its interim CEO and CFO. Previously, the company’s board of directors removed Mark Tritton from the position of CEO in 2019.
Gustavo Arnal, who was CFO, also committed suicide earlier this month. The company also lost jobs warehouse manager And Chief operations officer.
Meanwhile, the closure itself was carried out when Uncle Sam’s country experienced high inflation. In August, the United States recorded inflation of up to 8.3%.
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Despite the slight increase, US retail sales are still expansive
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