Misplaced Pages

#323676

59-590: Tanger Outlets Palm Beach is located directly off Interstate 95 on Palm Beach Lakes Boulevard in West Palm Beach Gardens, Florida. The site also includes Marketplace at the Outlets, a 300,000 square foot regional center that features approximately 20 stores, including Bed Bath & Beyond , DSW Shoe Warehouse , Nordstrom Rack , Old Navy , PetSmart , Pier 1 Imports (closing), T.J. Maxx , Ulta Beauty , Homegoods and Whole Foods Market . When

118-490: 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,

177-581: A hyperstore , a supercenter , a superstore , or a megastore is a physically large retail establishment, usually part of a chain of stores. The term sometimes also refers, by extension, to the company that operates the store. The term "big-box" references the typical appearance of buildings occupied by such stores. Commercially, big-box stores can be broken down into two categories: general merchandise (examples include Walmart and Target ) and specialty stores (such as Home Depot , Barnes & Noble , IKEA or Best Buy ), which specialize in goods within

236-676: A seahorse theme. On December 5, 2009, the mall's court-appointed receiver announced that the Palm Beach Mall would officially close on January 31, 2010, with the exception of JCPenney, George's Music and Firestone , which have outdoor entrances. Upon foreclosure under Simon ownership, Orix seized ownership of the Mall in December 2009, and along with the City of West Palm Beach, was looking into luring IKEA and Bass Pro Shops to occupy

295-525: 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

354-458: A food court called Treats was developed from its space. Design features popular in the 1980s, including skylights and a lofty ceiling, were introduced to the Mall at this time. The 2000 renovation replaced most of the mall's interior fixtures, redesigned the food court (this time calling it "Sea Side Café), and replaced the Wonderfall in center court with a much more modern fountain sporting

413-439: A mammoth manner. Saravana Stores operating format is said to be the inspiration for Big Bazaar's Kishore Biyani. Similarly, conglomerates, such as Raheja's, Future Group, Bharti, Godrej, Reliance, and TATA, have over the last decade ventured into large-format retail chains. However, most of the stores opened in large malls and not as independent big-box format stores, even though small and medium enterprises (SMEs) still account for

472-576: 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

531-491: A specific range, such as hardware , books , furniture or consumer electronics , respectively. In the late 20th and early 21st centuries, many traditional retailers and supermarket chains that typically operate in smaller buildings, such as Tesco and Praktiker , opened stores in the big-box-store format in an effort to compete with big-box chains, which are expanding internationally as their home markets reach maturity. The store may sell general dry goods , in which case it

590-593: A store in suburban Perth . IKEA began operation in Australia in 1975. Bunnings followed in 1995 and Mitre 10 adopted the model with the "Mitre 10 Mega" stores first opening at Beenleigh , Queensland in 2004. Costco has since expanded across Australia since opening its first store in 2009. Apart from major American big-box stores such as Walmart Canada and briefly now-defunct Target Canada , there are many retail chains operating exclusively in Canada. These include stores such as (followed after each slash by

649-560: Is a general merchandise retailer (however, traditional department stores , as the predecessor format, are generally not classified as "big box"), or may be limited to a particular specialty (such establishments are often called " category killers "), or may also sell groceries, in which case some countries (mostly in Europe ) use the term hypermarket . In the U.S., there is no specific term for general merchandisers who also sell groceries. Both Target and Walmart offer groceries in most branches in

SECTION 10

#1732791124324

708-611: 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

767-523: 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

826-598: 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

885-515: 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

944-526: 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

1003-998: The U.S. Big-box stores are often clustered in shopping centers, which are typically called retail parks in the United Kingdom. In the United States, when they range in size from 250,000 square feet (23,000 m ) to 600,000 square feet (56,000 m ), they are often referred to as power centers . In Australia, the retail category is known as "large format retail", encompasses bulky goods showrooms and more specialised retail categories within service or Highway commercial type land use zones. In 1969, Kmart Australia opened its first five Big-box type stores across Australia. The first opened in Burwood East , Melbourne in April, followed by Blacktown in Greater Western Sydney , two stores in suburban Adelaide and

1062-458: 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

1121-405: The big-box variety, selling big screen TVs, computers, mobile phones, bicycles, and clothing. Many foreign names appear, such as Carrefour , Auchan , Tesco , Lotte Mart , and Walmart , as well as dozens of Chinese chains. Most stores are three stories with moving sidewalk-style escalators. Some stores are so large as to have 60 checkout terminals and their own fleet of buses to bring customers to

1180-517: 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,

1239-468: 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

SECTION 20

#1732791124324

1298-549: 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

1357-446: The city of Hyderabad, and subsequently, in the city of Navi Mumbai. In Ireland , large merchandise stores in the style of U.S. superstores were not a part of the retail sector until the late 20th century. Dunnes Stores have traditionally had a supermarket-plus-household-and-clothes model and now have some large stores. Tesco Ireland now runs upwards of 19 hypermarkets across the country. The big-box phenomenon hit New Zealand in

1416-475: 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

1475-565: 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

1534-772: 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

1593-514: 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

1652-497: 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

1711-419: 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

1770-415: 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,

1829-503: 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

Palm Beach Outlets - Misplaced Pages Continue

1888-721: The damaging competition that a large Walmart penetration would inflict on Canadian-based retailers. In the early 21st century, commercial developers in Canada such as RioCan chose to build big-box stores (often grouped together in so-called " power centres ") in lieu of traditional shopping malls . Examples include Deerfoot Meadows ( Calgary ), Stonegate Shopping Centre and Preston Crossing ( Saskatoon ), South Edmonton Common ( Edmonton ), and Heartland Town Centre ( Mississauga ). There are currently more than 300 power centres, which usually contain multiple big-box stores, located throughout Canada. Most large grocery stores in China are of

1947-581: 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

2006-640: The employees of such stores are usually not unionized. Unions such as the United Food and Commercial Workers Local 770 and the Joint Labor Management Committee of the Retail Food Industry have expressed concern about the grocery market because stores such as Kmart , Target , and Walmart now sell groceries. Unions and cities sometimes attempt to use land-use ordinances to restrict these businesses. Because it

2065-629: The end of July 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

2124-475: 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,

2183-509: The global concept of a hypermarket , although they do not always have a grocery section, and the term "hypermarket" is not in common use in the United States. "Discount store," "megastore," and "superstore" are sometimes used in addition to the industry term "general merchandise retailer." The category began in 1931, when Fred G. Meyer opened what he called a "one-stop shopping center" in Northeast Portland, Oregon. Meyer's format

2242-767: The large out-of-town supermarkets which have waned in popularity. The term "big-box store" is not used in the UK. "Superstore" is sometimes used, but with a slightly different meaning: on road signs it means "large supermarket"; in self-service shop names it denotes an outlet larger than that particular chain's usual size. In the United States , some big-box stores may specialize in categories of merchandise (" category killer "), such as Best Buy in electronics and appliances and Kohl's , Burlington , and Nordstrom Rack in apparel and home furnishings. Big-box general merchandise retailers such as Target and Walmart are similar to

2301-632: The largest superstore network in Hong Kong . The first Wellcome superstore opened in 2000 and it has only 17 superstores. In addition, CRC has four superstores in Hong Kong. Because Hong Kong is a very densely populated city, the sizes of superstores are considerably smaller than those in other countries. Some superstores are running at deficit, such as Chelsea Heights which therefore has stopped selling fresh fish . Furthermore, some ParknShop superstores and megastores, such as Fortress World, belong to

2360-464: 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

2419-438: 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

Palm Beach Outlets - Misplaced Pages Continue

2478-724: The late 1980s, with the introduction of Kmart Australia and later the " Warehouse " superstore, a local company. Mitre 10 New Zealand opened their first Mega in 2004 at Hastings six months before the Australian Mega store; it opened to great success with 20 more stores opening within two years. Australian-owned Bunnings Warehouse opened its first store in New Zealand in 2006. In the United Kingdom , Makro and Costco membership-only warehouse club stores have been around for four decades. General merchandise shops along

2537-612: The leases were defaulted. As of February 2024, only two Rooms + Spaces locations remain open (at West Edmonton Mall and Brantford .) Leases for other locations in Canada were acquired by other retailers, including Mark's and Pro Hockey Life. On May 5, 2023, Christmas Tree Shops also filed for Chapter 11 bankruptcy , despite having been separated from Bed Bath & Beyond two years prior. The now-independent chain later announced in July that it would liquidate; its last stores closed on August 12, 2023, two weeks after Bed Bath & Beyond. Big box store A big-box store ,

2596-498: The lines of U.S. superstores are not a large part of the retail sector, but this has been changing in recent years, with the creation of extra-large supermarkets such as Tesco and Asda selling a broader range of non-food goods, typically in out-of-town shopping centres or retail parks. As in the US, such large shops are sometimes called anchor tenants . The growth of online retail and budget retail has led to these chains moving away from

2655-649: The location on May 1, 2013. Palm Beach Outlets opened on February 14, 2014. The mall includes a Saks Fifth Avenue Off Fifth outlet store as an anchor. Sports Authority closed in 2016 as result of bankruptcy which divided into HomeGoods and Five Below, in May 2020 Pier 1 Imports would close all stores including this location as it filed for Chapter 11 Bankruptcy back on February 17, 2020, Marshalls will replace Pier 1 and open in April 2022. in April 2023, Bed Bath & Beyond filed for Chapter 11 Bankruptcy and would liquidate all of it stores including this location, The store closed in

2714-598: The majority of the daily consumer transaction needs. However, the most successful consumer retail chain that took the market and penetrated also to tier 2 and tier 3 cities was D Mart, owned by Avenue Supermarkets Limited. An attempt was made to allow international large format retailers such as Walmart into the country. However, it was successfully opposed by small retailers citing job elimination due to increased efficiency and lowered prices due to fewer losses and lower costs. Big-box format stores in India were opened by IKEA in

2773-651: The mall originally opened on October 26, 1967, it was touted by its developer, the Edward J. DeBartolo Corporation , as the largest mall in the Southeastern United States. The founding anchors included JCPenney , which moved from its historic store downtown on Clematis Street about three miles (5 km) southeast, Jordan Marsh and Richards. By the end of the decade, the mall also featured Walgreens , Lerner Shops , Food Fair , Woolworth , and The Mall Cinema 1-2-3-4 quadraplex . The Palm Beach Mall

2832-539: The newly enlarged population of customers with cars, being located in suburbs and surrounded by ample parking lots. They were enabled by the decline of laws which prevented large retailers from getting bulk discounts. Warehouse club stores are another category of big-box general merchandise stores, such as Sam's Club , Costco , and BJ's Wholesale Club . They require membership to purchase and often require purchasing larger quantities of goods at once. Big-box development has at times been opposed by labor unions because

2891-478: The owner) Hudson's Bay , Loblaws / Real Canadian Superstore , Rona , Winners / HomeSense , Canadian Tire / Mark's / Sport Chek , Shoppers Drug Mart , Chapters / Indigo Books and Music , Sobeys , and many others. The indigenous Loblaw Companies Limited has expanded and multiplied its Real Canadian Superstore (and Maxi & Cie in Quebec) branded outlets to try to fill any genuine big-box market and fend off

2950-886: 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

3009-425: The same corporation, Hutchison Whampoa . India has been going through a retail revolution since the late 1990s, following the introduction of Big Bazaar in 2001. However, even before that, large retail stores were not uncommon in India. Spencer's, a popular hypermart, traces its history as far back as 1863. Likewise, Saravana Stores operating as a large independent showroom format since 1969, continue to grow in

SECTION 50

#1732791124324

3068-423: The site, but it never happened. The mall was eventually acquired by New England Development transforming the Palm Beach Mall into Palm Beach Outlets, an open-air outlet mall beside a strip of big box stores. The mall was developed on the 80-acre property by New England Development, Eastern Real Estate and Lubert-Adler. It was announced in February 2013 that Whole Foods Market would open in its own facility towards

3127-573: The southwest end of the mall property, next to the Palm Beach Lakes/I-95 interchange. George's Music relocated to nearby Rivera Beach, closing their mall location on June 30, 2012, originally intending to return with the opening of Palm Beach Outlets, however, this never happened. JCPenney and Firestone were planned to be included in the Palm Beach Outlets with their original buildings, but due to company downsizing, closed

3186-467: The store at no charge. Many configurations exist: the hypermarket that sells many kinds of goods under one roof (like French chains Carrefour , Auchan , and E.Leclerc ), most of which are integrated within a shopping mall ; the supermarket that is a smaller version of a hypermarket; the market located in city centres; the department store , which first appeared in Paris, then opened in other parts of

3245-481: 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

3304-618: The world; the "category killer" superstore that mainly sells goods in a particular domain (automotive, electronics, home furniture, etc.); and the warehouse store , like Metro Cash and Carry (for professionals only) and Costco , who opened its first store in June, 2017. To contend against Carrefour , ParknShop opened the first superstore in 1996 based on the concept of a wet market . Most superstores in Hong Kong emphasizes one-stop shopping, such as providing car park services. Today, ParknShop has more than 50 superstores and megastores, making it

3363-480: Was expanded and renovated in 1980, in conjunction with the addition of Burdines (which relocated from its Downtown West Palm Beach location) sporting a parking garage and Lord & Taylor . Also in 1980 Sears moved into the space previously occupied by Richards, which had closed the same year following a statewide liquidation. The shopping mall's terrazzo floor was replaced with tiles at this time. Furthermore, when Pantry Pride (formerly Food Fair) closed in 1987,

3422-463: Was imitated by Meijer in 1962 and later by Walmart, Kmart , Target (the discount brand of Dayton department store), and Woolco (the discount brand of the Woolworth department store) all opened. These were called " discount stores " — still an industry term for this type of store — and which between the 1960s and 1980s started to open larger-format stores called "megastores." These stores served

3481-469: 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,

#323676