Bed Bath & Beyond Returns as National Retailer

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Published: October 17, 2024 6:40 am

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Container Store Group Inc. (NYSE: TCS) plans to sell Bed Bath & Beyond branded products.
The retailer struggles with slumping sales and hasn’t posted a profit in three years.
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Houseware and furniture retailer Bed Bath & Beyond went bankrupt in April 2023. In July of the same year, its inventory was liquidated. At its peak, it had over 1,100 locations. It is making a comeback as part of Container Store Group Inc. (NYSE: TCS). Beyond Inc., which bought Bed Bath & Beyond’s few assets, will invest $40 million in Container Store simultaneously.

The purchaser has its problems. According to CNN, “In May, the Container Store began a strategic review of its business as it struggles with slumping sales and hasn’t posted a profit in three years.” Its stock is down 64% this year, while the S&P 500 is 22% higher. The Container Store has 102 locations, each selling Bed Bath & Beyond branded products. Perhaps the presence of what was a popular brand will help overall sales.

“Through the licensing of the Bed Bath & Beyond brand, the Container Store will enhance their store format and current general merchandise offering by incorporating the most popular Bed Bath & Beyond products to drive improved financial performance while providing customers a more comprehensive product offering for their home and organizational needs,” said Marcus Lemonis, Beyond’s executive chairperson, about the deal.

The Container Store’s same-store sales fell 13% in the most recently reported quarter. Revenue dropped 12% to $182 million, and the company lost $15 million. It is hard to say that the Bed Bath & Beyond purchase will help.

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