More Canadians are moving to the U.S. Here's why
Recent data from the U.S. census revealed that more than 126,000 people moved from Canada to the U.S. in 2022. An expert said that one of the main reasons for this move is the cost of living.
Shares of Bed Bath & Beyond Inc. plunged about 25% on Monday after the home goods retailer's long fight to save its business ended in bankruptcy.
The once high-flying company filed for bankruptcy protection on Sunday and said it had launched a liquidation sale after failing to secure funds to stay afloat.
Bed Bath & Beyond also plans to use Chapter 11 proceedings to seek outside buyers who could keep the business going or purchase discrete assets such as the company's 125 baby merchandise stores operated under the buybuy Baby brand.
The company received a U.S. bankruptcy judge's permission on Monday to borrow US$40 million to stabilize its operations and buy time for an orderly sale process.
A botched merchandising strategy, lower spending by inflation-hit Americans and stiff competition from rivals such as TJX's TJ Maxx and Target Corp. drove the business under as losses mounted and it ran out of cash.
"It was deteriorating before COVID, COVID pushed it over the edge. It was mismanaged during COVID, using the remaining cash to buy back stock versus keep a respectable inventory in the store that would attract clients," said Thomas Hayes, chairman and managing member at Great Hill Capital.
But Bed Bath's downfall is not viewed as a sign of weakness in the broader retail sector. Analysts said some companies, including Walmart Inc., Amazon.com Inc., Target and Williams-Sonoma Inc., stand to gain share and a marginal benefit to revenue.
On Monday, Bed Bath & Beyond was the second-most active stock on Stocktwits, a website popular with individual investors.
Its notes maturing in 2024 remained under pressure, falling around US$3 on Monday and pushing the yield to a record high of more than 450%.
U.S. shares of the company pared some premarket losses to trade at 21 cents US.
Bed Bath also named interim finance chief Holly Etlin as its new CFO. A bankruptcy expert, Etlin will also oversee the liquidation and sale processes.
(Reporting by Deborah Sophia and Bansari Mayur Kamdar in Bengaluru and Joice Alves, and by Dietrich Knauth in New York; Editing by Devika Syamnath and Sonali Paul)
Recent data from the U.S. census revealed that more than 126,000 people moved from Canada to the U.S. in 2022. An expert said that one of the main reasons for this move is the cost of living.
A federal gun case against U.S. President Joe Biden's son Hunter opened Monday with jury selection, following the collapse of a plea deal that would have avoided the spectacle of a trial so close the 2024 election. First lady Jill Biden was seated in the front row of the courtroom, in a show of support for her son.
For two years doctors told her she was an alcoholic. Then they realized her gut was making alcohol from carbohydrates, a rare condition called auto-brewery syndrome.
Toyota Chairman Akio Toyoda apologized Monday for massive cheating on certification tests for seven vehicle models as the automaker suspended production of three of them.
A search effort has been launched for a trio of mountain climbers who were reported overdue after not returning from their excursion near Squamish, B.C.
Katy Perry has reimagined a recent commencement speech by Kansas City Chiefs kicker Harrison Butker that was criticized as homophobic and sexist.
Turi King takes pride in her work solving ancient and modern-day DNA puzzles – including a centuries-old mystery involving an infamous British king.
Known as “la Doctora” for her glittering academic credentials, Claudia Sheinbaum is a physicist with a doctorate in energy engineering and a former major-city mayor.
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.
Car 14 is a luxury passenger car that once made regular runs from London to Port Stanley starting in 1917.
A hefty donation by a renowned local activist to the University of Winnipeg has created what is believed to be the most comprehensive two-spirit archives in all of Canada.
Leanne Van Bergen discovered a skulk of 10 baby foxes, and two mothers, had made themselves at home on her property in Beausejour.
An 81-year-old Waterloo, Ont. woman thought she’d never ride a horse again after a brain bleed led to severe physical complications.
A CP24 camera caught the moment a driver frantically got out of her car as it was being dragged by a truck on Avenue Road Wednesday afternoon.
Prince Edward Island is celebrating its first-ever International Day of Potato on Thursday.
The president of Covered Bridge Chips in New Brunswick is hoping to have his factory rebuilt for late 2025 following a devastating fire last year.
Students and staff at Winnipeg’s Westwood Collegiate had a unique problem to solve this month; how do you lead ducks to water from the school’s courtyard when 12 of them can’t fly yet?
Debby Lorinczy remembers her father as an amazing person and as a man who also made an amazing discovery.