Year In Review: #6 Popular Retail Store Forced To Close All New York State Locations
As we continue to look back at our top stories of 2023, here is our sixth most-read story of 2023. Popular Retail Store Forced To Close All New York State Locations
Below is the original article:
The nation's largest specialty baby product retailer Buy Buy Baby is set to close all of its locations.
CNBC reports a last-ditch plan to save all Buy Buy Baby stores failed at the "eleventh hour."
Buy Buy Baby's parent company, Bed Bath and Beyond, recently announced plans to likely close all of its locations. Analysts believed Buy Buy Baby had a chance of a better future than Bed Bath and Beyond.
Go Global Retail, which owns the children’s apparel company Janie and Jack, hoped to purchase Buy Buy Baby from Bed Bath and Beyond and keep the Buy Buy Baby chain running.
"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," CNBC states.
However, at the last minute, an agreement on valuation couldn't be reached, according to Go Global Retail CEO Jeff Streader.
"We were being fair in our offer. Sixth Street (Bed Bath & Beyond’s lead creditor) was not unreasonable but there was a difference in opinion on valuation,” he said. “We wish the IP bid winners success in their journey," he said.
Buy Buy Baby Stores In Scarsdale, Brooklyn, Rochester, Port Chester, New York City, Garden City, Colonie, Amherst To Close
Buy Buy Baby operated 120 stores including 5 in New York. According To Buy Buy Baby's website, the company still operates stores in Scarsdale, New York City, Garden City, Colonie and Amherst.
New Laws That Start In 2024 In New York State
Gallery Credit: Dave Fields