Two massive retailers are now making a major comeback after filing for bankruptcy and going through the liquidation process.
BuyBuy Baby got dragged into Chapter 7 bankruptcy liquidation by its parent, Bed Bath & Beyond.
But unlike the main brand its assets were not acquired by the former Overstock.com.
Instead, the baby brand was purchased by one of its vendors, Dream on Me.
“Dream on Me, which recently bought BuyBuy Baby’s brand and digital assets for $15.5 million, was the successful bidder for 11 store leases at a bankruptcy auction for about $1.17 million, court records filed last week show,” Retail Dive reported.
The BuyBuy Baby e-commerce site and stores have been liquidated and closed due to bankruptcy.
But BuyBuy Baby is now under new ownership and is working on relaunching an elevated online and in-store experience soon,” the company said.
“With its website having already started selling, the new owner will reopen 11 brick-and-mortar stores on Nov. 18,” reports TheStreet.
Dream on Me has not said whether it plans to increase the number of physical BuyBuy Baby stores going forward.
Circuit City is another bankrupt company that had gone through liquidation and is now making a comeback.
“‘Powered by Circuit City’ brings a store-in-store concept to our partners, both online and in-store. Our first pilot recently launched with JCPenney.
We are powering their online sales for consumer electronics and have in-store placements in 288 select locations,” the company said in an email to TheStreet.
The new Circuit City plans to add new partners in 2024 and expand its digital and brick-and-mortar operations, says TheStreet.
Other Economy News Today
A new wave of massive layoffs now hit Florida as more businesses announce upcoming job cuts for the new year.
Tyson Foods has announced a new round of layoffs in Jacksonville where hundreds of employees will lose their job.
Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.
“The plant will close on January 8 and will be the eighth plant Tyson has closed since the beginning of 2023.
As a result of the closure, 219 staff will lose their jobs,” reports Ash Jurberg.
“We are making the difficult decision to close …We understand the impact of this decision on our team members.
We will make every effort to offer them opportunities to remain with the company at other locations and will partner with state and local officials to provide additional resources.
With a focus on optimizing our operational footprint, we are reallocating resources to operate as efficiently as possible while maintaining ample capacity to serve our customers, said Tyson Foods in a statement.
“As part of the Company’s business strategy to operate more efficiently, Tyson Foods has determined that it must eliminate all jobs at its Jacksonville facility located at 5441 West 5th St, Jacksonville, Florida…
The last day of work is anticipated to occur on or about January 8th, 2024, at which time the facility will close on a permanent basis,” the company said.
For far in 2023, approximately 9,283 employees have been laid off in 2023 across 190 companies.
California remains the #1 state with the most layoffs in the country.
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