Misplaced Pages

#955044

52-462: Siegel-Cooper began as a discount department store on State Street in the Loop . It was founded by Henry Siegel , Frank H. Cooper and Isaac Keim in 1887. Four years later, the store moved into the eight-story Second Leiter Building at State and Van Buren Street, designed by William Le Baron Jenney , where it stayed until 1930, after a 1914-15 reorganization into Associated Dry Goods Corp., but keeping

104-490: A death spiral financing deal to raise over $ 1 billion to help the company avoid bankruptcy, though most analysts at the time identified that such a deal would merely turn a possible Chapter 7 bankruptcy into a Chapter 11 bankruptcy. On February 10, 2023, it was revealed the company would shutter its Canadian division, closing all 54 Bed Bath & Beyond and 11 Buy Buy Baby stores in Canada. According to court documents,

156-525: A favorable valuation. Subsequently, Bed Bath & Beyond reached a deal to give Cohen three board seats in exchange for his cooperation and the creation of a committee to execute his proposed plan. In July 2022, FCM BBBY Holdings, LLC, managed by Jake Freeman, also sent an open letter, as part of a Schedule 13G filing, asking the board of directors to consider their proposed plan to reduce Bed Bath & Beyond's debt and improve liquidity through convertible bond issuance. In July 2022, significant changes to

208-582: A large store in Boston, at 600 Washington Street. The Boston store was converted into an office building and a movie theater in 1915. The light court on Washington Street was infilled in the 1970s, and the theater closed in the 1990s. The building was further modified to create a new entrance to the MBTA Orange Line Chinatown station in 2004. The building is now home to Commonwealth of Massachusetts offices and small retailers. The fate of

260-576: A restructuring adviser, and announced the closure of 62 more stores. Bed Bath & Beyond announced on January 26 that some banks had cut its line of credit. The next day, it was revealed that the company would shutter its Harmon Face Values chain, closing all 52 of its stores, and would also close five Buy Buy Baby stores and 87 Bed Bath & Beyond locations, including the last location in West Virginia . On February 7, 2023, Hudson Bay Capital Management and several other investors arranged

312-434: A wide variety of dry goods in its 18 acres (7 ha.), as well as other amenities such as a grocery department, barber shop, theatre, telegraph office, art gallery, photo studio, bank, dental office, a 350-person restaurant, and a conservatory which sold live plants. The main floor featured a copy of Daniel Chester French 's statue The Republic inside a marble-enclosed fountain. This was a popular meeting place, giving rise to

364-485: Is a large south-north street, also one of the main streets, in Chicago , Illinois , USA and its south suburbs. Its intersection with Madison Street ( 41°52′55″N 87°37′40″W  /  41.8820°N 87.6278°W  / 41.8820; -87.6278 ) has marked the base point for Chicago's address system since 1909. State begins in the north at North Avenue , the south end of Lincoln Park , runs south through

416-515: Is housed on the upper floors of the tower. In October 2015, Michael Jordan opened his first store at 32 South State St. and is branded as 32 South State. The flagship store included retail shopping, Chicago Bulls memorabilia, a training lab for local youth, and a basketball court on the upper levels. In July 2019, Primark announced its U.S. market expansion to Chicago with a three-level 45,000 square foot flagship location on State Street where Gap formerly housed its flagship store. The location

468-553: Is scheduled to open in 2020 and will be its first store in the Midwest. In November 2019, Uniqlo opened its second Chicago location on North State Street replacing the two-level H&M at 22 N. State. State Street is primarily served by 29 State , a CTA bus route that runs from Navy Pier to 95th/Dan Ryan station via State Street. At 69th Street, bus route 29 splits so that southbound buses travel along Lafayette Avenue and northbound buses travel along State Street; starting at

520-821: The Bataan Death March . Bed Bath %26 Beyond Inc. Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey , the chain operated stores in the United States and Canada, and was once counted among the Fortune 500 and the Forbes Global 2000 . The chain filed for Chapter 11 bankruptcy in April 2023 and liquidated all of its remaining stores, with

572-611: The COVID-19 pandemic . 63 locations targeted for closure were named that September, followed by another 43 in January 2021. In January 2022, Bed Bath & Beyond announced the closure of 37 more locations. In March 2022, Ryan Cohen , former CEO of Chewy and a large shareholder of Bed Bath & Beyond, sent an open letter, as part of a Schedule 13D filing, to the Board of Directors calling for Buy Buy Baby to be sold or spun off at

SECTION 10

#1732794315956

624-465: The Chicago River , Chicago Loop to Roosevelt Road, Near South Side to 26th Street, Douglas to 39th Street, Grand Boulevard to 51st Street, Washington Park to 63rd Street, Grand Crossing to 79th Street, Chatham to 91st Street, Roseland to 115th Street, and West Pullman to 127th Street, where it terminates across from Riverdale Bend Woods. The street runs parallel and adjacent to

676-719: The Dan Ryan Expressway from 65th Street south to just beyond 95th Street , where State Street crosses the I-94 Bishop Ford Memorial Freeway to enter Roseland. The northern portion of the Vincennes Trace or Vincennes Trail, a buffalo (bison) migration route and a Native American trail which ran some 250 miles to Vincennes, Indiana , was called Hubbard's Trace or Hubbard's Trail since it connected Chicago with Gurdon Saltonstall Hubbard 's more southerly trading outposts. It took on

728-523: The Nasdaq exchange. Following the bankruptcy filing, Bed Bath & Beyond stopped accepting their popular coupons on April 26, and liquidation sales commenced at all remaining stores the next day. Shortly thereafter, numerous other retailers, including The Container Store , Big Lots , Boscov's , and Kirkland's , announced that they would honor unused Bed Bath & Beyond coupons for a limited time. Liquidation sales continued through June and July, with

780-654: The 80-store Christmas Tree Shops chain, along with its Massachusetts distribution center, to Massachusetts-based Handil Holdings LLC; the acquisition was finalized the following month. Finally, in December 2020, the company also announced plans to sell Cost Plus World Market to Front Burner LP; that sale was later finalized in February 2021. Bed Bath & Beyond announced in July 2020 that it planned to close more than 200 stores, about 21% of its fleet, over two years, citing

832-515: The Bed Bath & Beyond name after the acquisition closes. It did so on August 1, 2023, two days after the last brick-and-mortar Bed Bath & Beyond stores shuttered. The acquisition did not include the now distant Buy Buy Baby brand, as bids were still being solicited for a separate sale of the chain until July; after no satisfactory bids were received, Buy Buy Baby's name and intellectual property were instead auctioned. A $ 15.5 million sale of

884-463: The District of New Jersey . It was later confirmed that all remaining Bed Bath & Beyond and Buy Buy Baby stores in the United States would close unless a buyer was found for the chain. Even if the company could find a buyer, shareholders could be expected to be wiped out, with proceeds from the liquidation going to secured creditors and bondholders. By May 3, the company's stock was delisted from

936-710: The Green Line from 18th Street to Harrison Street and into the Loop Elevated ). State Street is the location of many landmarks in downtown Chicago : Landmarks on State Street in Chicago's South Side , south of Roosevelt Road, include: The bridge where State Street crosses the Chicago River is named the Bataan-Corregidor Memorial Bridge in honor of the World War II defenders of Bataan and Corregidor including those in

988-581: The New York store closed in 1917, becoming a military hospital during World War I and then a warehouse. The Chicago store closed around 1930, and that building was taken over by Sears, Roebuck as their flagship store in 1931. In the 21st century, it is the Chicago campus of Robert Morris University Illinois . After decades of miscellaneous use as a warehouse, the NBC Television scene shop and

1040-590: The Siegel-Cooper name in Chicago. The building was then occupied from 1931 to 1986 by Sears, Roebuck & Company . It continues in use, most recently in the 21st century as a college campus . In September 1896, the company opened a store in New York City, a huge emporium in the Ladies' Mile Shopping District , joining the other major department stores in the neighborhood. Their steel-framed building,

1092-624: The State Street Revitalization Project and on November 15, 1996, the street was reopened to traffic. During the second half of the 20th century, State Street was eclipsed by Michigan Avenue's Magnificent Mile as a shopping district. Various projects to restore State Street's shopping attraction have been met with some success, and the State Street corridor is gaining residential as well as more traditional commercial development. Anchored by Macy's Chicago ,

SECTION 20

#1732794315956

1144-458: The acquisition of Buy Buy Baby , which was founded by two of Bed Bath & Beyond co-founder Leonard Feinstein's children, and the acquisition of Chef Central, which was created by co-founder Warren Eisenberg's son, as examples of poor business practices at Bed Bath & Beyond. This pressure led five independent directors to step down on April 22, 2019, and also resulted in the company restructuring its board to include only 10 directors instead of

1196-517: The business does not have the "capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support". The same day, they also announced 149 more store closures in the United States, including the last two locations in Wyoming . Bed Bath & Beyond announced on March 30 that if it was unable to sell $ 300 million in stock,

1248-468: The chain in Canada as Rooms + Spaces, under the leadership of former Bed Bath & Beyond Canada general manager Greg Dyer. Putman also opened the first two stand-alone Babies "R" Us locations in Canada, in Edmonton in former Buy Buy Baby locations. The first Rooms + Spaces and stand-alone Babies "R" Us locations opened in July 2023. Most stores were closed after being open for only a few months, as

1300-549: The chain's intellectual property to New Jersey-based Dream On Me is pending. Following the sale of the brand to Overstock, Bed Bath & Beyond, Inc. changed its name to 20230930-DK-Butterfly-1, Inc. and cancelled its stock on September 29, 2023. The retailer's last Canadian stores closed four days earlier than planned in late April 2023. Following the closure of the chain's operations in Canada, Doug Putman , owner of Sunrise Records and Toys "R" Us Canada , acquired 21 former Bed Bath & Beyond locations, with plans to revive

1352-475: The closure of Decorist. Bed Bath & Beyond opened 2023 by warning investors that it might not survive the year. On January 5, shares of the company plunged almost 30% on the stock market, and the company announced it had "substantial doubt" in being able to continue to operate as a business. Wall Street analysts predicted that the company could file for Chapter 11 bankruptcy as soon as January 7. On January 9, Bed Bath & Beyond hired AlixPartners as

1404-565: The company acquired Cost Plus World Market for $ 495 million. In 2016, the company acquired One Kings Lane , a luxury furniture e-commerce retailer; the following year, the company acquired Decorist, an online interior design platform. In March 2019, three activist investment firms —Legion Partners, Macellum Advisors, and Ancora Advisors—announced their intent to remove current CEO Steven Temares and restructure Bed Bath & Beyond's current board of directors. The activist investors highlighted several instances of perceived nepotism, including

1456-772: The company made its IPO on the NASDAQ stock exchange. The company adopted integrated computer-based inventory management systems in 1993 to better compete with Linens ‘n Things, which had utilized computer inventory management since the late 1980s. The chain's 100th store opened in Irvine, California , in October 1996; the 200th, in Palm Beach Gardens, Florida , followed less than three years later in August 1999. That year, Bed Bath & Beyond reached $ 1 billion in sales for

1508-514: The company suffered financial difficulties, and the two believed that the market would shift toward specialty stores , they decided to leave and form their own company. In 1971, they opened a store in Springfield, New Jersey , called Bed 'n Bath . By 1985, Eisenberg and Feinstein were operating 18 stores in the New York metropolitan area and California . Also in 1985, the first superstore

1560-497: The company would likely file for bankruptcy. In addition it also terminated its fundraising deal with Hudson Bay Capital Management. On April 23, 2023, after failing to pay off stock, declining sales, high debt, and years of struggling, Bed Bath & Beyond, Buy Buy Baby, and 73 affiliated debtors and entities officially filed for Chapter 11 bankruptcy protection in the United States District Court for

1612-419: The company's chief financial officer , committed suicide , jumping from the balcony of his New York City apartment. Arnal was one of the targets of a class action lawsuit alleging that Bed Bath & Beyond's stock had become a pump-and-dump scheme. Two weeks later on September 16, the company named 56 stores targeted for closure of the 150 announced in August; later, on September 26, the company announced

Siegel-Cooper Company - Misplaced Pages Continue

1664-415: The company's executive leadership were announced: Mark Tritton would leave his role as president and chief executive officer, to be replaced by Sue Gove in an interim capacity. That August, the company announced that 20% of its corporate staff would be laid off, and 150 more stores would be closed. Gove was promoted to permanent president and CEO the following October. On September 2, 2022, Gustavo Arnal,

1716-503: The company's stock buyback schemes, in practice since 2004, were the source of much of its $ 5.2 billion debt. This resulted in an inability to pay vendors on time, which led many to halt merchandise shipments to the company. In a June 2023 bankruptcy auction, Overstock.com acquired the Bed Bath & Beyond name, and associated intellectual property, in a $ 21.5 million stalking-horse bid . Shortly thereafter, Overstock publicly announced its intention to rebrand its own operations under

1768-581: The development of new private label brands and concept stores. As of 2019, Bed Bath & Beyond operated approximately 1,530 stores in all 50 U.S. states, as well as in the District of Columbia, Puerto Rico, and Canada. In addition to more than 1,020 Bed Bath & Beyond stores, the company also operated approximately 280 Cost Plus World Markets, 100 Buy Buy Baby stores, roughly 80 Christmas Tree Shops, and more than 50 Harmon stores. Bed Bath & Beyond announced in January 2021 that it would stop selling MyPillow , citing poor sales. The announcement came in

1820-601: The disused theater is undecided. In 1902, Henry Siegel sold the company to one of his major stockholders, Captain Joseph B. Greenhut and his son Benedict J. Greenhut, who merged the store with B. Altman across the street in New York City, creating a mega-store which was ultimately unsuccessful. In 1913–14 J.P. Morgan was involved in combining the company with other retailers as the Associated Dry Goods Corp. Siegel-Cooper declared bankruptcy in 1915, and

1872-541: The first department store in New York to be so constructed, was the largest store in the world at the time, and was designed in Beaux-Arts style by DeLemos & Cordes , who would go on to design the R. H. Macy's store in Herald Square , which then took the title of largest. The six-story building of the former Siegel-Cooper store is located at 616-632 Sixth Avenue between West 18th and 19th Streets , and

1924-475: The first time. In 2002, Bed Bath & Beyond acquired Harmon Discount Health & Beauty, later renamed Harmon Face Values . Five years later in 2007, the company acquired Buy Buy Baby , a chain of baby supply stores founded by Feinstein's sons, and began international expansion, opening their first Canadian store in Richmond Hill, Ontario . By 2011, Bed Bath & Beyond had 1,142 stores. In 2012,

1976-466: The flagship location is the world's second largest department store by square footage. The 12-story building features many historical landmarks including a Tiffany & Co. Dome. The Block 37 opened in 2009 at State and Washington, bringing with it a large group of upscale retailers to North State Street including Anthropologie , L'Occitane en Provence , Banana Republic , Zara , Disney Store , Godiva , Sephora , and an AMC Theatres location on

2028-858: The fourth floor. On the Pedway level is the Blue Line's Washington station and Red Line's Lake station both connected underground. The department store chain Carson Pirie Scott closed their flagship store on State Street on February 21, 2007 after over 100 years of business in that location. Target opened their 125,000 square feet State Street store in the landmark Carson Pirie Scott building later in 2012. On January 12, 2012, Walgreens opened its U.S. flagship location at Randolph Street , where it had previously existed from 1926 to 2005, when construction of Joffrey Tower necessitated its demolition. The renowned Chicago-based Joffrey Ballet

2080-659: The heart of the Chicago Loop , and ends at the southern city limits, intersecting 127th Street along the bank of the Little Calumet River . It resumes north of 137th Street in Riverdale and runs south intermittently through Chicago's south suburbs until terminating at New Monee Road in Crete, Illinois . From north to south, State Street traverses the following community areas of Chicago : Near North Side to

2132-533: The historic Chicago Theatre . The latter was lit by Commercial Light Company in 1958, making it the brightest thoroughfare in the world, according to the Chicago Tribune . State Street became a shopping destination during the 1900s and is referred to in the song " Chicago ," which mentions "State Street, that great street." In 1979, the downtown portion was converted into a pedestrian mall with only bus traffic allowed. Mayor Richard M. Daley oversaw

Siegel-Cooper Company - Misplaced Pages Continue

2184-464: The last closing on July 30, 2023. Following the retail chain's liquidation, its name was adopted by online retailer Overstock.com , which acquired the company's trademarks in a bankruptcy auction. The name is also still used by the chain's former Mexican division, which is now independent. Warren Eisenberg and Leonard Feinstein worked in management positions at discount store chain Arlan's . As

2236-438: The last stores closing permanently on July 30, 2023. Industry analysts attribute Bed Bath & Beyond's failure to a number of factors, including a late entry to e-commerce , reduction in merchandise selection and quality, supply chain issues, competition from Walmart , Target , and HomeGoods , and debt accrued from stock buybacks . The latter is widely considered the largest reason for Bed Bath & Beyond's collapse, as

2288-507: The location "The Door", a social services center, the New York building become one of the first of the great dry-goods emporia in the Ladies' Mile to be renovated and re-opened for retail use. Calling itself "The Anchor of the Avenue", the building's retail tenants as of August, 2021 included Bed, Bath & Beyond , T.J. Maxx , and Marshall's . State Street (Chicago) State Street

2340-487: The name State Road after some state-funded improvements. Vincennes Avenue, one of Chicago's rare diagonal streets, is a vestige of the Vincennes Trace, and further south the trail eventually became Illinois Route 1 . In its early days, State Road was unpaved and known for having mud so deep it was jokingly said that it could suck down a horse and buggy. In the late 1860s, Potter Palmer embarked on efforts to raise

2392-505: The phrase "Meet me at the fountain," which the store used as a slogan, along with "A City in Itself" and "Everything Under the Sun". At its peak, the store employed over 3,000 people, mostly girls and women, and offered its employees an infirmary, a parlor and a gymnasium. The company also published a newspaper for its workers, called Thought and Work . In 1905, The Henry Siegel Company opened

2444-886: The previous 12 members. On April 13, 2019, there was a report that the chain would close 40 stores but open 15 new locations. On May 13, 2019, Bed Bath & Beyond announced that CEO Steven Temares would step down "effectively immediately" and would resign his seat on the board of directors. Mary Winston, who had been appointed to the company's board as a result of the activist investment firms' efforts, replaced Temares as interim CEO. On November 4, 2019, Mark Tritton, previously chief merchandising officer at Target , started as Bed Bath & Beyond's CEO. To combat declining profitability, Bed Bath & Beyond, which had for decades used coupon mailers and other promotional discounting tactics to attract consumers, announced in April 2019 that it would reduce its use of promotional coupons and tighten restrictions on their use. The chain also announced

2496-408: The profile and prestige of State Street. He enticed Marshall Field and Levi Leiter to move their prosperous and growing department store, Field, Leiter & Co. , to the corner of State and Washington Streets in 1868, and he built his own Palmer House Hotel nearby in 1870. For many years the city's most well-known seafood retailer, Burhop's Seafood , was located on North State Street, as well as

2548-577: The split, both of the streets are frontage roads for the Dan Ryan Expressway. Multiple other bus routes, such as bus route 36 in downtown, run along State Street in segments to serve a train station or downtown. The Red Line parallels State Street from 95th Street to Marquette Road and from 13th Street to Division Street. The Green Line parallels State Street from 40th Street to Harrison Street (the Orange Line runs concurrently with

2600-481: The wake of the January 6 United States Capitol attack , that CEO Mike Lindell supported conspiracy theories and efforts to overturn the 2020 presidential election , and amidst similar announcements by Kohl's and Wayfair . Throughout 2020, Bed Bath & Beyond sold many of its subsidiaries. First, in April, One Kings Lane was sold to CSC Generation. Later that year in October, the company announced plans to sell

2652-485: Was built between 1895 and 1897, then expanded in 1899. The steel-framed construction of the "Big Store", as it was called at the time, enabled the building to have large interior spaces with uninterrupted selling floors, and allowed for skylit courts. Siegel-Cooper took full advantage of the novelty – to New York City – of steel-framing by advertising the building as "the only and absolutely fire-proof and perfectly safe store in New York City." The store offered

SECTION 50

#1732794315956

2704-469: Was opened, as an attempt to remain competitive with Linens 'n Things , Pacific Linen , and Luxury Linens. In order to properly represent the size increase in its retail stores, the company changed its name to Bed Bath & Beyond in 1987. By 1991, Bed Bath & Beyond had opened seven new superstores in New Jersey , California, Virginia , Illinois , Maryland , and Florida . The following June,

#955044