Latest news with #Kirkland's
3 days ago
- Business
Bed Bath & Beyond opens 1st new store in Nashville under new name
The Brand House Collective, Inc. is reviving the brand with a twist. By 1:34 Bed Bath & Beyond is returning and has a new name to boot. This time around, the home goods store is called Bed Bath & Beyond Home, and its first location is celebrating its grand opening in Nashville, Tennessee, on Friday. The new Bed Bath & Beyond Home is owned by The Brand House Collective, Inc., formerly Kirkland's. The latter recently rebranded itself to reflect its ownership of multiple subsidiary companies, according to its 2024 annual report. "We're proud to reintroduce one of retail's most iconic names with the launch of Bed Bath & Beyond Home, beautifully reimagined for how families gather at home today," Amy Sullivan, the CEO of The Brand House Collective, said in a statement. "This isn't just a store, it's a fresh start for a brand that means something special to so many families," Sullivan added. "With Bed Bath & Beyond Home we're delivering on our mission to offer great brands, for any budget, in every room. It's a powerful addition to our portfolio and a meaningful step forward in our transformation." Bed Bath & Beyond Home offers familiar home goods such as bedding, bathroom essentials, entertaining accessories, furniture and more. The Brand House Collective told ABC News on Friday that Nashville will be a test market, and the operator hopes to expand to four more stores in the fall. To mark its first store opening, Bed Bath & Beyond Home said it is honoring any old Bed Bath & Beyond coupons customers may have on hand and is giving away fresh coupons at the Nashville store. Bed Bath & Beyond previously relaunched in June 2023 after furniture retailer Overstock -- also a subsidiary of Kirkland's, now The Brand House Collective -- bought its intellectual property and revived the brand's website. The previous iteration of Bed Bath & Beyond filed for Chapter 11 bankruptcy in April 2023, and all 360 of its stores closed that same year.
Miami Herald
30-07-2025
- Business
- Miami Herald
Popular bankrupt retailer comes back to life
There are some stores that people can take or leave, and others that tend to command customers' loyalty. Take Costco, for example. Though the company's business model isn't perfect, and many people don't love the idea of having to pay a membership fee to get in the door, it's fair to say that Costco has a huge cult following, to the point where some consumers are downright obsessed. Related: Costco adds strict new policy for free samples Trader Joe's is similar. There's something about the fun product lineup, seasonal offerings, and friendly service that keeps customers coming back. Bed Bath & Beyond was once, like Costco and Trader Joe's, a store that fans just loved. Don't miss the move: Subscribe to TheStreet's free daily newsletter From the fun home decor to the handy kitchen gadgets, Bed Bath & Beyond was a popular destination for couples filling their wedding registries, new homebuyers, and college-bound students needing cheap towels and shower caddies for their dorms. Unfortunately, the company's financial struggles caught up to it. Following an extended period of declining sales, due in part to competition from giants like Amazon and Target, Bed Bath & Beyond filed for Chapter 11 bankruptcy in April 2023. Soon after, the company moved forward with liquidating hundreds of stores, leaving many consumers heartbroken. Even though Bed Bath & Beyond shut down its physical store footprint, it did not disappear forever in the wake of its bankruptcy filing. Instead, purchased the brand and relaunched its website using the Bed Bath & Beyond name. Overstock then rebranded itself as Beyond Inc. Related: Michaels grows as Joann, Party City close stores in bankruptcy Following that deal, Beyond entered into an agreement with specialty retailer Kirkland's to sell Bed Bath & Beyond products in its stores. It later acquired the buybuy Baby brand as well. Kirkland's didn't want to sit out of the rebranding party, though. As part of its attempt to stave off bankruptcy and reinvent itself, Kirkland's rebranded as The Brand House Collective - a move the company's CEO called a "defining moment" for the business. A big goal of the new Brand House Collective is to revive the Bed Bath & Beyond name and recapture those consumers who were loyal to the home goods giant back when it was open and operational. Fans of Bed Bath & Beyond should be thrilled to learn that there's a new store slated to open in Nashville, Tennessee, on August 8. In June, the Brand House Collective announced plans to operate hundreds of stores, housing the Bed Bath & Beyond brand in the process. Related: JCPenney goes with heavy discounts to win back customers Not only will the new Bed Bath & Beyond location feature the fun and affordable inventory consumers know and love, but the store will also be accepting the iconic coupons Bed Bath & Beyond customers once loved to stockpile. Fans who couldn't bear to throw away their stash of Bed Bath & Beyond coupons will be able to redeem them at the new store. The new location will also be giving out fresh coupons for customers to use. For many Bed Bath & Beyond fans, collecting and maximizing those famous coupons was a game of sorts - and one that often resulted in massive savings. In addition to honoring the store's famous coupons, the new Bed Bath & Beyond store is running a promotion as part of its launch, where the first 25 people to make a purchase will receive a 10-inch memory foam queen-sized mattress called The Beyond Bed. More Retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers "We're proud to reintroduce one of retail's most iconic names," said Amy Sullivan, CEO of The Brand House Collective, in a statement. "This isn't just a store, it's a fresh start for a brand that means something special to so many families." Related: Costco has another rule members may not know The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
24-06-2025
- Business
- Miami Herald
One retail brand's comeback means another will close
American retailers have been on a rollercoaster for the last few years. First, the pandemic reduced foot traffic in stores across the country, which changed consumers' shopping habits, even as in-store shopping resumed. More recently, uncertainty around tariffs has caused all sorts of reverberations in the business world. Dozens of well-known names have closed underperforming stores and, in some cases, shut down altogether. Don't miss the move: Subscribe to TheStreet's free daily newsletter Joann, the crafting and sewing leader, fast-fashion brand Forever 21, and Party City all closed down, citing everything from debt to changing consumer behavior, declining sales, and competition from online businesses like Amazon and retailers like Walmart that are more adept at e-commerce. Bed Bath & Beyond was another victim of the retail apocalypse, filing for Chapter 11 bankruptcy in April 2023 and closing all its brick-and-mortar stores. Now, a one-time competitor will lean on the brand's recognition as it works to start its own fresh chapter, which centers on "life's moments in every room where families gather, entertain, rest, and relax." Kirkland's, a home-goods brand familiar to suburban shoppers in 35 states, especially in the South and Eastern U.S., is reinventing itself using the Bed Bath & Beyond name and committing to a new strategy, counting on Bed Bath & Beyond, one of the retail's most recognizable brands, to give it a boost. Kirkland's just announced it plans to rebrand as The Brand House Collective and will serve as an umbrella company for several other home-good-focused brands besides Bed Bath & Beyond, including Overstock and Buybuy Baby. Kirkland's will redesign stores, open new ones, and close others. It also announced a leadership overhaul. Related: Huge housing brand franchisee was running a huge con The company is bringing in veterans from retailers like Camping World, Crate & Barrel, and Pier 1 Imports, along with a slate of experts in retail finance and accounting. The shift comes less than a year after Beyond Inc. (formerly acquired Bed Bath & Beyond's intellectual property following the 2023 bankruptcy. Beyond also acquired Kirkland's IP in a $5 million acquisition. More on retail and bankruptcy: Walmart store closing, auctioning off laptops and flat screen TVsHome Depot CEO sounds the alarm on a growing problemFamous restaurant files for Chapter 11 bankruptcy Now, Bed Bath & Beyond has a chance to return to its brick-and-mortar roots. "The Brand House Collective is more than a new name - it's a bold declaration of where we're headed," said Kirkland's CEO Amy Sullivan in an announcement. "This is a defining moment for our company. As we transition into The Brand House Collective, we are building a team that reflects the future we're creating - bold, customer-obsessed, and rooted in merchant excellence." Kirkland's plans to reduce its store count from 313 to around 290, closing underperforming locations and streamlining operations. At the same time, it will begin opening new Bed Bath & Beyond Home stores, starting with six in the Nashville area this August and another five by year's end. More than 75 new stores are planned for 2026. In addition, the company will pilot Overstock physical retail locations in the Nashville area, with a goal of reaching 30 stores nationwide following the test. Kirkland's online presence will also change, rebranding its website as "Kirkland's Home x Bed Bath & Beyond Home" to reflect the multi-brand approach. Related: Another popular home goods shuttering dozens of locations Beyond Inc. is funding much of this transformation. In addition to the $5 million IP purchase, it is providing $17 to $25 million in debt financing, with the option to convert that debt into up to 95% ownership of the restructured business. Bottom line: Beyond Inc. is betting big on physical retail, even as the industry continues shifting toward online. The rebranding to "The Brand House Collective" will be put to a shareholder vote at Kirkland's annual meeting in July. If approved, the company will change its stock ticker from KIRK to TBHC, signaling a new era for the business. Related: Wells Fargo faces another serious customer scandal The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
21-06-2025
- Business
- Miami Herald
Popular HomeGoods rival shuttering dozens of locations
Retail businesses are shutting down at a rate so alarmingly fast in 2025, you may feel like you could blink and realize another has vanished. Perhaps the saddest story of a brand that called it quits in 2025 so far is Joann, a craft and fabric store beloved by its loyal customers. Joann was founded in 1943, so after 82 years of business, it was a shame to watch it close its doors. Don't miss the move: Subscribe to TheStreet's free daily newsletter Another chain that was incredibly strange to see go was Party City. After 40 years in business, the retailer announced in December 2024 that it would file for bankruptcy and cease operations. Related: Major retailer scores huge benefit from Joann bankruptcy At Home is the most recent major retail chain to file for bankruptcy, announcing it would close 26 underperforming stores by September 30. However, the business hasn't winked out of existence yet, as it's just entered into a Restructuring Support Agreement (RSA) with lenders holding more than 95% of its debt to eliminate the nearly $2 billion in funded debt and provide financing of $200 million that aims to support the retailer through its restructuring process. Now another longtime home goods store is making drastic moves to keep itself afloat in a challenging economic climate. Kirkland's (KIRK) , a Tennessee-based home good retailer that was founded in 1966 by Carl Kirkland and Robert Kirkland, has announced it will close at least two dozen of its 313 store locations. Kirkland's has not yet confirmed which locations will close. TheStreet has reached out to request more information. The closings are part of a rebranding process Kirkland's confirmed on June 17, where the company says it will change its name to The Brand House Collective. This move comes after Beyond Inc., parent company of both Bed, Bath & Beyond and Overstock, acquired Kirkland's IP in a $5 million acquisition. Related: IKEA suddenly closing more stores amid concerning customer trend While store closings typically sound like a bad thing, in this case they seem to be more of a strategic move in step with the company's other brands. Beyond plans to open the first of six Bed, Bath & Beyond Home stores in August 2025, with the first being in Brentwood, Tennessee. Some existing Kirkland stores will also be converted into Bed, Bath & Beyond Home stores, although the specific locations were not named. Kirkland's name will formally change after shareholder approval during its next annual meeting in July, which will also change its ticker from KIRK to TBHC. As consumers navigate an uncertain climate with the threat of tariffs looming, many have pulled back on nonessential purchases this year across many sectors, from food to clothing. Retail sales fell sharply in May, with sales at retail stores and restaurants dropping 0.9%, the Commerce Department reported. However, a few retailers are still seeing shoppers come their way. One is discount home retailer HomeGoods, which reported during its Q1 earnings call in May that comparable sales were up 4% year over year. "Bucking a trend in the home industry now is our home business, especially HomeGoods. We're quite proud the way they're beginning Q2 as well," TJX CEO Ernie Herrman told investors during the call. Related: Beloved local Mexican chain closes locations without warning The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
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.
