The prominent home decor series closes at least 20 sites in the coming months.
The closures will come because the stores were less performance according to the profitability standards set by the retail seller.
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Amy Sullivan, CEO of Kurchland's home, confirmed the decision -making decision in a statement of February 18.
“After a comprehensive review of the entire store fingerprint, we have set an initial list of about 6 % of our stores that do not meet our profit standards in their current coordination, and we are taking strong measures to process these stores,” Sullivan said. .
Instead, Kirkland's house may use 20 as part of a larger initiative to convert it to be under the slogan of other famous brands – including Bed Bath & Beyond.
“By expanding our brands wallets to include the Kirkland house, Bed Bath & Beyond, Buybuy Baby, and Overstock, we set new criteria and raise the expectation bar.”
Read more about closing the store
Bed Bath & Beyond was significantly introduced for bankruptcy in April 2023 and closed all its remaining stores, including more than 120 Boyboy houses.
Overstock.com later acquired Bed Bath & Beyond in June of that year for about 21.5 million dollars, and prepared a brand as Beyond Inc.
For a short period, beyond the Bed Bath & Beyond operating as a strict e -commerce platform but some brick sites and mortars will be revived.
It is possible thanks to the seven -year partnership that it recently arrived with Kirkland's house in October.
Free selection
Kirkland's house works as an operator and licensed store for $ 17 million of Beyond debt financing.
Companies have also detailed plans for at least five sites of Beat & Beyond Mortings Beyond Mortings for 2025, which can replace five household stores in Kirkland that has been closed, according to Casey Fabi, Vice President of Marketing and Electronic Trade at Kirkland.
“We have rights and think about anything from a variety of the Kirkland port to Bed Bath & Beyond, Buybuy Baby and Overstock,” Fabi wrote in an email to Costar, a commercial real estate information platform.
“We believe that all these brands have the ability to have bricks and mortar shells.”
Sullivan also noticed in her statement that the Kurland's house is more ready than “to take advantage of our group family from brands and we are leading us towards the path of profitability”, thanks to the partnership with “beyond”.
Marcus Limons, CEO of Post Company, also noted that Kurkland's house can make these types of decisions.
How does bankruptcy work?
Banking is a specific legal process that helps companies cancel debts that they cannot pay.
The process allows companies to start new and reach new credit.
Banking, which is supervised by federal courts, allows the company to sell its assets more easily to pay creditors, according to Investopedia.
Chapter 11, which is a common process for companies, is used to restructure a company with the aim of survival – even if it means selling most of the company's real estate.
Chapter 7, on the other hand, sells all the assets of the company and removes it from work.
Chapter 15, instead, is allowed to cooperate between American and foreign courts to conduct bankruptcy procedures with “parties to an interest that includes more than one country,” according to the United States courts.
“KIRKLAND will have full flexibility, from the combination of Buybuy Baby into Bed Bath & Beyond Stores to open independent sites under each LEGACY banner.”
Kurchland's house indicated that it expects sales of about $ 148 million in this quarter.
Game time
Other banknailing retailers have also begun to return, including Toys R US.
The company cited about $ 5 billion of long -term debts at the time of its deposit for the year 2017, as about $ 400 million was spent every year to pay it, according to the New York Times.
By March 2018, liquidation sales were ongoing, and closed more than 800 stores in January 2021.
This even gained WhP Global the majority share in Tru Kids, the parent company of Toys R Us and Babies R US.
Since then, partnerships have seen Mace's and Navy Exchandice Service Command (Nexcom) the appearance of smaller games from popup all over the country.
There are also many TOYS R USHIP stores all over the country, including at the American Shopping Center in Minnesota.
Other retailers also faced bankruptcy problems last year.
LL FloRing was presented and returned to the old brand name while closing half of its stores.
Big Lots is also closing the sites after bankruptcy in September.
