Bank of America details 3 retail stocks that have more than 20% upside as they benefit from mass closures of Bed Bath & Beyond stores
Bed Bath & Beyond is closing hundreds of stores this year after filing for bankruptcy. Burlington Stores, TJX, and Ross Stores are expected to be the main beneficiaries, says BoA.
The home goods retailer had been struggling with dropping sales in 2022 leading it to shut down 400 US locations and offloadBut one company's pain could be another's gain. BoA expects these hot spots to be gobbled up by off-price retailers that have near-term plans to expand. Within that category is Burlington Stores which could stand to benefit most since only 35% of BBBY locations have a BURL store within a 1-mile radius, and 50% within two miles, the note reads. TJX's HomeGoods subsidiary is a runner-up, with only 38% of BBBY stores being within a one-mile radius and 52% within two miles.
Locations aren't the only thing up for grabs. Home and baby products are another opportunity zone. Inventory that didn't make it off the shelf before the shutdown could end up restocked at discounted rates by the same three retailers. And this redirection could end up being a permanent fix, as BBBY's vendors scramble to establish new ties to make up for one lost customer.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bed Bath and Beyond stock set for Nasdaq delisting at market openBed Bath & Beyond Inc.’s stock will be delisted from the Nasdaq at market open Wednesday. The troubled home goods retailer and sometime meme stock filed for...
Read more »
After Nasdaq delisting, Bed Bath & Beyond’s stock jumps on OTC debutThe stock, which had traded under the ticker BBBY on the Nasdaq, is trading over the counter under the ticker BBBYQ.
Read more »
132 people to be laid off at Pa. distribution center that serves Bed Bath & BeyondThe facility is expected to close this summer.
Read more »
Bed Bath and Beyond takes aim at ocean carriers, seeks millions in freight disputeBed Bath and Beyond claims the container shipping lines abandoned their service commitments.
Read more »
Amazon, Target set to win following demise of Bed Bath & BeyondInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Nasdaq kicks off Bed Bath & Beyond delisting processNasdaq started the delisting process for Bed Bath & Beyond’s stock Wednesday, less than two weeks after the troubled home goods retailer and some-time meme stock filed for bankruptcy. The stock was trading under $BBBYQ on the over-the-counter market:
Read more »