If bbb files for bankruptcy will severance be offered?
22 replies (most recent on top)
I still think they need to look into the new boys club of MT,GA, GM, JH and the rest . Too much money when away to quickly to where? The renos didn’t cost that much and used old equipment and fixtures .
File chapter 11, start an investigation of the previous leadership and let’s move on. People still believe in BBB. I don’t think it’s over yet.
Gove suggesting the cashier position will be nest to be cut.
I think they're trying to file Ch. 11 before the NJ Guaranteed Severance law comes into effect - which was passed by the legislature but awaiting the governor's signature.
Party City too.
Whether they file 11 or 7 doesn't matter if they have no funds. They are minus over 500 million even if they sell everything they own. Where would severence come from? They aren't obligated to issue severance.
I have read what 3fef is saying as well and came to the same conclusion. But only as understood right now. I hope it is not 7 for your sakes.
My understanding is if they file Chapter 7 (liquidation) severance packages are not available as all funds are needed to satisfy creditors . If Chapter 11 (reorganization) then severance may be available. Also several states including New Jersey require WARN notices be issued 60 days before a major layoff takes place.
All laid-off employees will receive a MyPillow with the built-in crack pipe.
You will hear when they file chapter 11 right after the fiscal year ends. I am sure the court documents are all prepared. They will sell off what they can and close about 1/2 the stores. Cuts will be everywhere but expect to see SDM elimination, DM head count down to 20-25 and what remains in HR LP OPS and MM gone. More cuts in Union. Stores have already been decimated at this point and are run by 1 manager and some low paid DSK’s. I am sure payroll will be as low as they can get. In the end the creditors could still end up taking over and running, take in a managing partner or sell. This will delay the inevitable chapter 7 that will happen a year or two down the road.
@1pxc+1kx8EXgH Although Harmon was not part of that loan deal the same goes for that concept as well. Sell off the Face Values brand if there is a buyer and get rid of the store locations.
How long do you all think until we hear about more store closings? Also, what positions will they cut next?
Based on what Bloomberg is reporting Baby isn't worth much at all and would most likely be a sale of the brand assets and not the brick and mortar locations.
https://www.bloomberg.com/news/articles/2023-01-06/bed-bath-beyond-bbby-bankruptcy-path-hinges-on-fading-buybuy-baby?utm_source=google&utm_medium=bd&cmpId=google
Bed Bath & Beyond’s options in Chapter 11 include pursuing a sale of either the baby clothing, accessories and furniture brand or the whole company, as well as seeking financing from new or existing investors to help it turn the business around — a tall order given the company’s persistent decline. Any path will likely include further store liquidations and layoffs to stem cash burn; the company last year announced 20% job cuts and 150 store closures as part of its turnaround plan.
Wasn’t Buy buy Baby already put up for collateral for the 500 million dollar loan they just got in September?
A My Pillow & a 1 year membership to Welcome Rewards (that's the gift that keeps on giving) will be sent to all employees who stay on to the bitter end.
Highly doubt severance at this point, where will it come from?
Better question is what happens to the other BBB concepts? Do they close up shop as well?
I just figured this question was a joke. Do you have a clue? My guess is no. Here is a tip, go find another job AS SOON AS POSSIBLE!
Lol.....No
Glad I collected my 6mos severance when I did. Bunch of unqualified puppets and ill advised large scale decisions - quite sad.
Saw the nonsense for quite sometime, everyone saw it but was too scared to challenge and losing their job
No
Slim to no chance at all.
No it will not. Any payments will be suspended by the court
Given their past performance with employees, I would not trust a word of what BBBY tells you until the severance money is in your account. That is all I will say. The place cannot be trusted and corporate and the board need their golden parachutes.
They CAN still operate but if you think you have bare shelves now, just wait. And many more stores will be closed that originally planned. The lack of vendors willing to chance shipments to BBBY is already there. It's just going to get worse when bankruptcy is declared.
They can still operate