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[ad_1] "Store Closing" signs at a Buy Buy Baby store in the Brooklyn borough of New York, on Monday, Feb. 6, 2023. Stephanie Keith | Bloomberg | Getty Images Bed Bath & Beyond canceled a Friday auction for its Buy Buy Baby chain because it failed to secure a buyer willing to keep its stores running – but it's not quite over for the baby retailer just yet, CNBC has learned. Bidders backed out of the auction after they determined the chain was no longer worth buying because its value had deteriorated so much , but there are parties still interested in its assets, according to two people close to the matter who weren't authorized to discuss it publicly. While it would be unusual, Bed Bath & Beyond could still accept a bid for Buy Buy Baby early next week. The chain's fate won't be definitively determined until Tuesday, when a court hearing is scheduled to approve the sale of Buy Buy Baby's intellectual property to Dream on Me Industries. The com...

[ad_1] A customer leaves a Bed, Bath and Beyond store on August 31, 2022 in Oakland, California. Justin Sullivan | Getty Images Bed Bath & Beyond wants shareholders to approve a reverse stock split at an upcoming special meeting, as the retailer keeps working to avoid filing for bankruptcy , according to a securities filing late Wednesday.  The retailer's board is calling on shareholders to approve the reverse stock split at the May 9 meeting so it can have enough shares available to raise up to $300 million in equity from a stock offering announced last week.  Bed Bath's fundraising efforts have been hampered by its dwindling stock price, which has been on a precipitous decline and has been trading under $1 for the last few weeks. Shares of Bed Bath were trading around 30 cents Thursday morning, giving the company a market value of about $132 million. The company is concerned that if the plan isn't completed, it likely won't have enough equity to pay its de...

[ad_1] GameStop on Tuesday posted a quarterly profit for the first time in two years, finishing out its fiscal year on a high note in the holiday quarter after grappling with sales declines, inventory woes and cash flow pressure. Shares of the company soared more than 45% during after-hours trading. For the quarter ended Jan. 28 , net sales dropped slightly to $2.23 billion from $2.25 billion in last year's fourth quarter. The video game retailer also posted a profit of $48.2 million, or 16 cents a share, compared to a loss of $147.5 million, or 49 cents, a year ago. GameStop did not provide financial guidance and has not done so since the early days of the pandemic. Its results can't be compared with Wall Street estimates because too few analysts cover the company. The retailer had been working to steer itself back to profitability, and got there in part by cutting costs. Selling, general and administrative expenses came in at $453.4 million for the quarter, or 20.4% o...

[ad_1] Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned.  Brand management firm Go Global Retail, which owns children's apparel company Janie and Jack, was eager to buy the beloved Bed Bath & Beyond chain and keep it running, but ultimately couldn't reach an agreement on valuation, the firm's CEO Jeff Streader told CNBC.  Lender Sixth Street Partners, Bed Bath & Beyond's lead creditor, determined it could recover more of its losses than what Go Global was willing to offer by selling Buy Buy Baby's intellectual property, auctioning off its leases and moving ahead with liquidation sales.  Dream on Me Industries, a little-known New Jersey-based retailer and one of Buy Buy Baby's former suppliers, won the chain's trademark and digital assets for $15.5 million after Bed Bath & Beyond failed to receive any higher bids.  Go Global believed there wa...

[ad_1] A Burlington and a Bed Bath & Beyond store. Getty Images Bed Bath & Beyond locations across America will soon be replaced by Burlington Stores outposts and a range of other businesses, after the failed home goods retailer auctioned off its leases as part of its bankruptcy proceedings , court records show.  The doomed big-box store selected bidders for 109 of its leases after a Monday auction. Off-price giant Burlington agreed to take over 44 of the locations for $12 million, the largest share of the leases, records filed late Tuesday show.  Burlington secured six more leases for $1.53 million outside the auction process, bringing the total number of locations to 50 for $13.53 million, records show.  Many of the locations are considered "top notch," said Bill Read, executive vice president of commercial real estate firm Retail Specialists. The firm provides retailers in growth mode an opportunity to snag leases in prime locations amid a dearth of quality ...