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Bed Bath & Beyond files for Chapter 11 bankruptcy
Bed Bath & Beyond (NASDAQ:BBBY) filed for Chapter 11 bankruptcy protection Sunday, but said it intends to keep the chain’s 480 stores open for the moment as it attempts to auction off assets through the restructuring process.
“Bed Bath & Beyond today announced that it and certain of its subsidiaries … filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code [to] implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets,” the company said in a statement.
BBBY said it plans to keep its 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops and the two brands’ Web sites operating for now, but that the firm will soon begin “efforts to effectuate the closure of its retail locations.”
However, Bed Bath & Beyond (BBBY) said that if it successfully auctions off one or both brands through the bankruptcy process, the firm “will pivot away from any store closings needed to implement a transaction. The company believes this dual-path process will best maximize value.”
BBBY added that it has secured a commitment for some $240M in debtor-in-possession financing from Sixth Street Specialty Lending Inc. for use during the Chapter 11 process. The company listed $5.2B of debts and $4.4B of assets in its filing.
BBBY President and CEO Sue Gove said in the company’s statement that “millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. … We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders.”
Short interest on Kohl’s (KSS) and Nordstrom (JWN) is elevated as traders watch for negative guidance updates. Options trading has moved notably higher on Eos Energy Enterprises (EOSE) and Amyris (AMRS).
The trial begins in the efforts by the Department of Justice to block Assa Abloy from acquiring Spectrum Brands’ (SPB) door hardware unit for $4.3B.
Monday – April 24
The IPO lock-up period ends on a block of shares of Mobileye (MBLY). Shares of Mobileye are up 36% year-to-date and have not blinked much in the face of the lockup date.
Shareholders of record with Lucid Group (LCID) will vote on six proposals at the company’s annual meeting. One of the proposals involves approving the compensation for certain executive officers. Another key vote covers the stock incentive plan to increase authorized shares issuable for awards by 39.2M shares in order for Lucid to attract and retain talent.
Tuesday – April 25
10:00 a.m. The Stifel 2023 Targeted Oncology Days event will feature presentations by Kymera Therapeutics (KYMR), Black Diamond Therapeutics (BDTX), IGM Biosciences (IGMS), Kura Oncology (KURA), Viracta Therapeutics (VIRX), and a number of other healthcare companies.
10:00 a.m. Credit Suisse will hold a tech talk with Cisco (CSCO) execs to discuss the company’s security business.
Wednesday – April 26
The three-day CoinDesk Consensus event will take place with a long list of featured speakers scheduled including Edward Snowden, Anthony Scaramucci, as well as execs from Amazon (AMZN), Google (GOOG), LVMH (OTCPK:LVMHF), Mastercard (MA), Coinbase Global (COIN), and Warner Music Group (WMG).
3:00 p.m. Shareholders with Teck Resources (TECK) will vote on the plan to split the company into two separate entities.
Thursday – April 27
All day – Shareholders with NuVasive (NUVA) and Globus Medical (GMED) will vote on the planned merger.
All day – The MJ Unpacked event in New York City will showcase hundreds of cannabis CPG brands with retailers, manufacturers, and investors.
Friday – April 28
Big oil earnings Exxon Mobil (XOM), Chevron (CVX)
All day – The Chinese Labor Day holiday begins.
All day – Shareholders with Black Knight (BKI) and Intercontinental Exchange (ICE) will vote on the planned merger.
TV usage drops again, cable gets a basketball bounce
elevision usage fell for a second straight month in March, even as cable viewing got a bit of a boost from the always-popular college basketball playoffs.
Overall TV consumption fell 2% in March vs. February, according to “The Gauge” from Nielsen, the ratings firm’s monthly overall look at TV delivery platforms. In February, it had fallen 5.1% month-over-month.
That’s typically in line with seasonality — but also like last year, Cable got a sports boost, and in March 2023 became the only vector to grow both usage (up 0.6%) and its share (to 31.1% of TV time, from the prior month’s 30.2%). March Madness — heavily broadcast on Turner channels (WBD) — is among the top television events of each year.
Broadcast viewing fell by 4.4%, and the category dropped TV share for the fifth straight month — to 23.3% from its previous share of 23.8%. And “Other” usage — heavily videogaming, but also including such uses as viewing video discs — dipped to 11.6% from 11.7% share.
Streaming maintained its hold as the top usage of a TV, but it also suffered from viewers flocking to March Madness, with usage dropping 2.6%, and streaming declined in share month-over-month for the first time since last August (to 34.1% from 34.3%).
Turning to the individual streaming platforms, they retained their relative positions in March, though a couple of smaller names picked up some points. YouTube (NASDAQ:GOOG) (NASDAQ:GOOGL) was the top individual streamer, though its share ticked down to 7.8% from February’s 7.9% — and it was still enough to hold a share lead on Netflix (NASDAQ:NFLX), which held steady at 7.3%.
Hulu (NYSE:DIS) (CMCSA) also held steady, at 3.3%, and extended its lead over Amazon Prime Video (AMZN) when the latter’s share dipped to 2.9% from the previous 3.0%. Disney+ (DIS) held steady at 1.8%; then there was a bit more movement.
HBO Max (WBD) — soon to be just “Max” — shed share to 1.2% from the prior 1.3%, while Peacock (CMCSA) added yet again, to 1.1% from 1.0%. And in the free ad-supported TV streaming space, Tubi (FOX) (FOXA) held serve at 1.0% share, while Pluto TV (PARA) (PARAA) bumped up to 0.8% from 0.7%. “Other” streamers (including smaller services like Crackle (CSSE) as well as linear streamers like Spectrum (CHTR), DirecTV (T) and Sling TV (DISH)) were steady at 6.8%.
Pay TV distributors: Comcast (CMCSA), Charter (CHTR), Dish Network (DISH), Verizon FiOS (VZ), Optimum/Suddenlink (ATUS), Atlantic Broadband (OTCPK:CGEAF), Sparklight (CABO).
Relevant local broadcast tickers: Nexstar Media Group (NXST), Sinclair Broadcast Group (SBGI), Gray Television (GTN), Tegna (TGNA), E.W. Scripps (SSP). National broadcasters: ABC (DIS), NBC (CMCSA), CBS (PARA) (PARAA), Fox (FOX) (FOXA). And some ad-tech names tied to connected TV: The Trade Desk (TTD), Magnite (MGNI), PubMatic (PUBM), Criteo (CRTO), Roku (ROKU).
Equity indices in the Asia-Pacific region began the week on a mostly lower note.
–Equity Markets—
Japan’s Nikkei: +0.1%
Hong Kong’s Hang Seng: -0.6%
China’s Shanghai Composite: -0.8%
India’s Sensex: +0.7%
South Korea’s Kospi: -0.8%
Australia’s ASX All Ordinaries: -0.1%Bank of Japan Governor Ueda said that it is too early to talk about normalizing yield curve control, and it is unclear how much wage growth will be needed to achieve the inflation objective.
Japan’s Prime Minister Kishida said that he is not looking to call a snap election after members of his party won a handful of by-elections. Banks in China are being urged to cut their deposit rates, according to Reuters.
Hong Kong’s March Unemployment Rate 3.1% (expected 3.4%; last 3.3%)
Singapore’s March CPI 5.5% yr/yr (expected 5.6%; last 6.3%) and Core CPI 5.0% yr/yr (expected 5.1%; last 5.5%)
Australia released its Defense Strategy Review, which noted that long-range strike capability will be prioritized.
Major European indices trade near their flat lines while Italy’s MIB (-0.9%) underperforms.
—Equity Markets—STOXX Europe 600: +0.1%
Germany’s DAX: +0.1%
U.K.’s FTSE 100: -0.1%
France’s CAC 40: -0.1%
Italy’s FTSE MIB: -0.8%
Spain’s IBEX 35: -0.2%
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