Bed Bath & Beyond to close 200 stores due to COVIDPosted by Catherine Reed / July 10, 2020
Bed Bath & Beyond has seen shares plummet almost 50% since COVID began, forcing the store to plan to close 200 stores over the next two years. This is the latest big business to suffer as a result of COVID.
Iconic department store Neiman Marcus entered bankruptcy protection several months ago, but it is expecting to get out by fall. as a result of the economic fallout from the COVID pandemic. The store already had debt before it was forced to shut its 43 locations, ultimately leading to the plans to file bankruptcy. This is the first department store to fall. It will be interesting to see how successful its exit from bankruptcy is. It seems likely the company may be forever crippled, especially since retail shopping has become even more normal.
AMC Theaters is reportedly in talks with bankruptcy lawyers to manage its massive, $4.9 billion debt load. COVID has hit the theaters hard. Not only are state lockdowns and social distancing leaving theaters closed, when those measures are eased theaters will likely be the last places to open––and even then, they may run at half capacity. And then they have to deal with studies, which have pushed back productions and released films digitally.