Latest news with #BedBath&Beyond
Yahoo
3 days ago
- Automotive
- Yahoo
Tesla Can't Find Legal Places to Store All Its Unsold Cybertrucks
Tesla is seriously struggling to find enough room for all of its unsold Cybertrucks. In a particularly dramatic example, the increasingly unpopular pickups have been piling up in the parking lot of a shuttered Bed Bath & Beyond store in a Detroit suburb shopping center, Automotive News reports, in a violation of local code. The landlord was notified that the vehicle storage was not "permitted," and local officials have started the "enforcement process," per Automotive News. It's yet another sign that Tesla's Cybertruck has been a major flop. Earlier this month, Electrek reported that Tesla had amassed over 10,000 units worth a staggering $800 million of unsold Cybertruck inventory. The EV maker has also reportedly slowed down production and moved workers from the line entirely at its manufacturing facility in Texas, indicating massively waning demand and growing anti-Tesla sentiment. What to do with all of these unsold Cybertrucks has seemingly become a major issue. A video that went viral on Instagram last week showed rows of the stainless steel-clad vehicles sitting in the otherwise deserted parking lot. "Look at what you're missing," a person in the video joked. "Need a Cybertruck? We got you." Tesla's sales have fallen off a cliff worldwide, largely a result of backlash against Musk's embrace of far-right idealism and a surge in cheaper — and often better — alternatives, particularly from China. The Cybertruck has become the poster child of the burgeoning anti-Tesla movement, resulting in frequent vandalism and outright mockery. And top top it all off, used Cybertruck prices are cratering, making it an extremely costly and unwise investment. More on the Cybertruck: Watch in Horror as Cybertruck Driver Plays "Grand Theft Auto" While Screaming Down Highway on Self-Driving Mode
Miami Herald
4 days ago
- Automotive
- Miami Herald
Surplus Teslas Flood Parking Lot in Detroit Suburb
In the Detroit suburb of Farmington Hills, a vacant Bed Bath & Beyond parking lot has quietly transformed into a holding zone for dozens of unsold Tesla vehicles, mostly Cybertrucks. The unusual sight caught local attention when an Instagram video surfaced showing unregistered EVs sprawled across the asphalt. Since then, the number of Teslas has only grown, drawing concern from city officials. While the vehicles aren't abandoned, city leaders say they shouldn't be there. "Storage of vehicles is not a permitted use" of the land, Farmington Hills' director of planning and community development said in a statement. The city has notified the landlord and is pursuing enforcement, though it admits the process takes time. The swelling number of Cybertrucks parked on the lot is indicative of bigger problems at the electric vehicle maker. Tesla's angular, stainless steel pickup was once the most popular electric truck in the country, but sales are slipping fast. In the first quarter of this year, Tesla delivered only 6,400 to 7,100 Cybertrucks - a sharp drop from about 13,000 in the previous quarter. While some seasonal decline is expected after Q4, the plunge was steep enough for Ford's F-150 Lightning to reclaim the title of best-selling electric pickup. Tesla has a long history of using unconventional overflow lots. It has parked surplus vehicles in everything from mall lots to vacant land near its showrooms. That's likely the case here, as the company opened a nearby store just a mile away late last year in a former Barnes & Noble. The store is one of only a few in Michigan, where Tesla previously faced legal barriers to direct-to-consumer sales. A 2016 lawsuit helped overturn that ban. While Tesla's ability to sell directly to consumers in Michigan marks a big shift, the company is now facing a more localized challenge: what to do with a growing fleet of unsold trucks. The suburban sprawl of unclaimed Cybertrucks may be a symptom of waning interest or overproduction, but to Farmington Hills officials, it's a code violation either way. Whether Tesla will find a new place to store its excess inventory or manage to sell off the lot full of Cybertrucks remains to be seen. Tesla's overflow of unsold Cybertrucks into a suburban Detroit parking lot is more than just an eyesore - it's a snapshot of the company's growing pains. As demand shifts and logistics get messier, even the most disruptive automakers have to play by local rules. Farmington Hills may just want its lot back, but the scene also raises bigger questions about how Tesla will manage its supply, demand, and reputation as it enters a more competitive and less forgiving EV market. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
7 days ago
- Automotive
- Yahoo
Tesla takeover of suburban Detroit shopping center parking lot lands property owner in hot water
A shopping center with a shuttered Bed Bath & Beyond store is in violation of a Detroit suburb's city code for storing dozens of Tesla Inc. vehicles on its surface parking lot. In a statement, Charmaine Kettler-Schmult, director of planning and community development for Farmington Hills, Mich., said the landlord of the Hunter's Square shopping center has 'been notified that storage of vehicles is not a permitted use.' 'The enforcement process is being followed and takes time,' Kettler-Schmult said. The Tesla inventory takes up several rows of the parking lot. Some of the vehicles parked there on May 26 were Cybertrucks, which have seen disappointing sales so far this year. In March, Ford's electric F-150 Lightning topped the Cybertruck in U.S. registrations. Emails sent and voicemails left with Frank Jarbou, CEO of Royal Oak, Mich.-based Symmetry Management, landlord for the site, have gone unanswered since last week. The city declined to answer additional questions. Sign up to get the Automotive News Service & Parts weekly newsletter covering the world of dealership parts, service and collision departments. The Tesla storage — which is taking up a portion of the parking lot near the former Bed Bath & Beyond store and a still-open Buffalo Wild Wings restaurant — came to light in an Instagram post about a week ago. In February, Tesla opened a new-vehicle showroom and service center in a former Barnes & Noble space in neighboring West Bloomfield, Mich., clocking in at about 93,000 square feet, according to a report by Automotive News affiliate Crain's Detroit Business this year. That property is owned by EVWB LLC, an entity registered on Mack Avenue in Detroit to its developer, Michael Curis Sr. In a May 27 email, he declined to comment. The Hunter's Square shopping center is slated to get a major transformation, with a large portion of the site at 14 Mile and Orchard Lake roads expected to be demolished to make way for a new Meijer grocery store, plus other new retail users. Philip Nussel of Automotive News contributed to this report. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor.
Miami Herald
13-05-2025
- Business
- Miami Herald
Formerly bankrupt retail giant makes major expansion move
When a brand has a cult following as big as this one, not even declining sales, a mass shutdown, or bankruptcy can stop it from overcoming so many odds. This retail giant helped teenagers redecorate their rooms during an identity crisis, provided college students with the necessary supplies to set up college dorms, and eased the stress of those looking to equip a new home. Don't miss the move: Subscribe to TheStreet's free daily newsletter Unfortunately, Bed Bath & Beyond filed for Chapter 11 bankruptcy in April 2023 after over 50 years of business, having accumulated $1.8 billion in long-term debt. At the time of the filing, it had 360 Bed Bath & Beyond stores and 120 buybuy BABY locations, which it was forced to close. Related: Popular formerly bankrupt retail chain makes brick-and-mortar comeback However, Beyond Inc. BYON, formerly Overstock (OSTK) , acquired Bed Bath & Beyond for $21.5 million two months later. This transaction excluded the company's brick-and-mortar business and the buybuy BABY brand, causing the brands to split and marking the end of its physical stores, transforming it into a fully online retailer. But Bed Bath & Beyond didn't stay away from physical stores for long. In October, Beyond struck a deal with Kirkland's (KIRK) , allowing it to sell Bed Bath & Beyond (BBBY) products at its locations and making it the exclusive licensee to develop physical stores with a smaller format. Now that Bed Bath & Beyond has reestablished its brick-and-mortar presence, it was time to reunite it with its former sister brand, something Beyond had intended to do from the start. Beyond acquired buybuy BABY in February this year, with a similar goal of reviving the brand and returning its merchandise to brick-and-mortar settings. Related: Formerly bankrupt retail giant finalizes deal to return to physical stores The company hit the ground running, relaunching Buybuy BABY's online store on May 8. Because of Beyond's agreement with Kirkland's, the company may also sell buybuy BABY merchandise and open physical stores for the brand. However, this acquisition was just another step in a bigger upcoming expansion. During its latest earnings call, Beyond revealed plans to open at least four Overstock stores and launch a new Bed Bath & Beyond branch called "Bed Bath & Beyond Home," intended to be a physical standalone store focused on home decor. Beyond and Kirkland announced on May 12 that they have entered into an agreement through which Beyond is to acquire Kirkland's intellectual property for $5 million, with intentions to license the trademarks back to Kirkland's. Additionally, Beyond closed a $5.2 million deal to expand the existing credit facility with Kirkland's. "The upsized facility strengthens Kirkland's financial position, providing flexibility for general working capital purposes and support for the company's updated store conversion strategy," stated Kirkland's in the announcement on its website. More Retail News: Tariff fears fuel rising sales, dread of shortages, empty shelvesWhen you'll see empty retail store shelves due to tariffsPopular restaurant announces more closures despite rising sales This new deal has resulted in changes to the existing agreement between the two companies. Beyond's "collaboration fee" has increased from 0.25% to 0.50% on Kirkland's brick-and-mortar retail revenue. This eliminated Kirkland's 3% royalty obligation to Beyond for all store sales generated by Bed Bath & Beyond. Kirkland's is now also allowed to open and operate Bed Bath & Beyond Home and buybuy BABY stores, while Beyond now has a say on Kirkland's board and may acquire up to 65% of its capital stock. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Wire
08-05-2025
- Business
- Business Wire
Beyond, Inc. Launches Iconic buybuy BABY Brand with Grand Online Re-Opening in Time for Mother's Day
MURRAY, Utah--(BUSINESS WIRE)--Beyond, Inc. (NYSE:BYON), owner of Bed Bath & Beyond, Overstock, buybuy BABY, and a blockchain asset portfolio, announces the relaunch of buybuy BABY's online presence, purposefully timed days before Mother's Day. The Grand online re-opening kicks off with an exciting 'Welcome Baby' event, offering customers access to premium infant and toddler gear and essentials through a reimagined and reliable digital shopping experience. The campaign features: Additional 15% off on parent-preferred labels like Sorelle, Evenflo and Oxford Baby Additional 10% off for first-purchase email subscribers Curated collections from industry-leading brands: Peg Perego, Diaper Genie, Hudson Baby, Graco Daily Giveaways on social media featuring premium baby bundles valued at over $100 "We are thrilled buybuy BABY is back together with Bed Bath & Beyond to create key life stage shopping moments," said Marcus Lemonis, Executive Chairman and Principal Executive Officer of Beyond, Inc. "The seamless integration of curated product assortment, intuitive site experience and targeted marketing represents our commitment to meeting the needs of today's parents with our 'Welcome Baby' event." The relaunch marks a significant milestone in Beyond, Inc.'s strategic portfolio expansion, reinforcing its position as the definitive resource for life's milestones. Don't miss the 'Welcome Baby' grand online re-opening event – May 8 – 12 at About Beyond Beyond, Inc. (NYSE:BYON), based in Murray, Utah, is an ecommerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. The Company currently owns Bed Bath & Beyond, Overstock, buybuy BABY, and other related brands and websites as well as a blockchain asset portfolio. The Company regularly posts information and updates on its Newsroom and Investor Relations pages on its website, Beyond, Bed Bath & Beyond, Overstock, and buybuy BABY are trademarks of Beyond, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners. Cautionary Note Regarding Forward-Looking Statements \This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding future sales and promotions, including size, scope, and duration of such, and any consequences associated with the sales and promotions; forward-looking statements also include statements regarding our token offering and use of tZERO, including terms, availability of information on X or otherwise, timing and availability of such token offering, and any consequences relating to such token offering or the use of the tZERO platform. Additional information regarding factors that could materially affect results, and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, and in our subsequent filings with the SEC.
