Bed Bath & Beyond as expected filed for Chapter 11 bankruptcy protection April 23 as its turnaround became untenable, loans were in default, debt far outstripped assets and buyers have yet to surface for its three retail brands. The company said in its filing it plans to maintain operations through the court proceedings thanks to a $240 million debtor-in-possession loan from Sixth Street.
It was quite a week in the ever-expanding universe of generative AI, as the arms race among tech titans escalates, new solutions proliferate and more retailers jump in with both feet. From Elon Musk to Google, Amazon, Walmart and Levi Strauss, more companies are moving beyond the experimentation stage and planting a flag as a wide range of applications hit the market.
Amazon is inviting other retailers to join an anti-counterfeiting cooperative, begun as a pilot program in 2021 to help stem the flood of illegitimate goods on its marketplace and across the industry, two weeks after filing three separate lawsuits against counterfeiters. The Anti-Counterfeiting Exchange (ACX) grew out of a 20211 pilot by a division of the Department of Homeland Security.
For the second time in four-plus years, David’s Bridal has filed for Chapter 11 bankruptcy court protection, while planning to lay off more than 9,000 employees at stores and distribution centers nationwide and seeking a buyer for the distressed business. Stores will remain open, online and marketplace sales will continue, and loyalty points, gift cards, returns and exchanges will all be honored.
Multichannel Merchant has launched the first of its Sector Spotlights, which will feature weekly content focused on sustainability and recommerce, helping retail and ecommerce executives gain a better understanding of these important, related trends. Future Spotlights will focus on returns and demand forecasting. Check out our webinar with Brian Kilcourse of RSR Research on consumer attitudes in 2023.
Software giant SAP is jumping into the composable commerce ring, admittedly later to the game than smaller competitors but pitching it as providing greater flexibility, scalability and maturity than members of the growing MACH Alliance of headless, cloud, API and microservices-based vendors.
A trio of industry experts offered a mostly gloomy picture of retail economic indicators at this week’s Shoptalk conference at the Mandalay Bay in Las Vegas, noting recessionary trends and a nagging reduction in demand for durable, higher-ticket goods as consumers keep their powder dry.
Two Boxes, a software startup promising to make the dispositioning of ecommerce returns more efficient for brands and 3PLs, has launched with a $4.5 million seed round and advisors from Amazon, Shopify, Whiplash, Loop Returns and Rent the Runway. Funding was led by Vinyl Capital, with Matchstick Ventures and Range Ventures.
Buy now pay later (BNPL) usage continues to grow, as cash- and credit-strapped consumers dinged by inflation use it for a wider variety of purchases. The share of online purchases using BNPL increased by 14% and revenue grew by 27% in 2022, according to new data from Adobe Digital Insights.
Offsetting a weak fourth quarter report, department store firm Kohl’s is significantly expanding its store-within-a-store partnership with leading beauty brand Sephora, adding 250 such locations and bringing the total to 850 in 48 states as it pursues a target of $2 billion in sales by the end of 2025.