New York CNN — Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy. The closing stores are in addition to the 150 closures Bed Bath and Beyond announced last August. Included in the new list is 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which once sold cosmetics. “As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a Bed Bath and Beyond spokesperson told CNN. “This store fleet reduction expands the company’s ongoing closure program.” Bed Bath & Beyond says it can no longer pay its debts Last week, the company warned in a regulatory filing that it received a notice of default from its lender, JPMorgan Chase. The company said that “at this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code.” Bed Bath and Beyond (BBBY) defaulted “on or around” January 13, according to the Securities and Exchange Commission filing. It could be forced […]

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Turletti leads sustainable efficiency & profitability across organizations thru innovation, management & marketing @ ROI Marketing Institute getty 6:10 a.m. It is a very cool November morning in Sedona, and Danny is picking me up in the middle of a pitch-dark night full of sparkling stars. He and I are about to embark on one of the most delightful flights possible: seeing the sunrise from a hot air balloon. On the way to the field, we had a casual chat about how everything— from gas to meat to diapers —has become so expensive in the United States lately. On top of heightened costs, we both felt like we’d noticed a lowered quality of service and value. It’s as if the previous standard of excellence has become a premium feature; you only get it now if you pay for it. Talking to Danny that morning in Sedona wasn’t the first conversation I’ve had with someone who felt this way about the current state of service. It’s something I’ve personally verified everywhere I go and with everyone I meet. It’s clear that consumers feel business management isn’t prioritizing efficiency, quality or accountability, to their detriment. Having run businesses in several countries, […]

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Jay Milligan, President and CEO, CCi . Jay has over 30 years of operational leadership experience across various business sectors. getty Being appointed as the CEO of an organization you haven’t worked in before is always a daunting prospect, especially if you are being brought in to effect rapid change. Not only do you have to get to know the business, its employees and clients, but you are also required to develop a business change strategy and kick off the transformation process— often all within your first 100 days. Throughout my career focused on strategy deployment and change management, I have found that the key is to engage leadership at all levels as quickly as possible to drive the change you are mandated to deliver. The appetite for change is always the big question. You must get the right people on board and make sure everyone is aligned. The importance of vision and culture—everyone rowing in the same direction and working towards a shared goal—should not be underestimated. But how do you practically engage and inspire people who do not know you to buy into your change vision? In my experience, strong leadership and a structured stakeholder engagement process […]

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Photographer: Angus Mordant/Bloomberg Blackstone Inc. is reshuffling the leadership of a key real estate business as the private equity giant navigates one of the most challenging property markets in years. Frank Cohen, a nearly three-decade firm veteran, will cede leadership of Blackstone’s “Core+” real estate business to Wesley LePatner, the group’s global chief operating officer, according to Blackstone executives. Wesley LePatner LePatner’s promotion puts her in charge of a more than $140 billion business that focuses on long-term real estate bets on properties ranging from industrial warehouses to life-sciences buildings. The “Core+” strategy also includes Blackstone Real Estate Income Trust, the $69 billion vehicle aimed at wealthy individuals. It’s been a critical past few months for BREIT as Blackstone looks to stabilize flows and shore up investors’ confidence in that crown jewel. The personnel changes were part of long-term management planning, according to people familiar with the matter, who asked not to be identified citing private information. Cohen will remain chairman and chief executive officer of BREIT. For years, BREIT benefited from a retail boom, attracting wealthy investors who flocked to private markets in search of higher returns. Now, rising rates and a rockier real estate market have dimmed […]

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Justin Main is Vice President of Integrated Payments for Billtrust , a B2B accounts receivable automation and integrated payments leader. getty Twenty-five years old. That’s the age of the oldest members of Gen Z, those born between 1997 and 2012. And although those 25-year-olds are just out of college and beginning their careers, before you know it, they’ll be business-to-business (B2B) buyers. How do we as suppliers best prepare for them as they become our next generation of buyers? Will we be able to provide a digital-first, embedded payments environment for them that matches the sophistication of what they’re already used to as consumers? I believe that firms that do this best will outperform their peers. Here are some ways to get there. Make customer experience more important than ever. More brands are competing on customer service, instant access and personalized experiences than ever. In fact, for younger generations, it often only takes a few poor interactions to send them elsewhere. Research done by my company found that the majority of Gen Z consumers would stop doing business with a brand after just two or three less-than-stellar experiences. And digital payment acceptance is a big piece of that for […]

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Extensive testing capabilities established in Burscheid, Germany, and in Southeastern Michigan for internal combustion engines (ICE) powered by hydrogen (H 2 ) ICE expertise leveraged to support vehicle and engine manufacturers in a variety of ICE decarbonization approaches for sector-specific, CO 2 -neutral mobility solutions NORTHVILLE, Mich., Feb. 1, 2023 /PRNewswire/ — Tenneco has established new test facilities for hydrogen-powered internal combustion engines at its Powertrain test centers in Burscheid, Germany, and Ann Arbor, Michigan. These two test cells specifically dedicated to hydrogen ICEs enhance the company’s globally integrated ICE test capabilities, supporting original equipment (OE) engine and vehicle manufacturers as they decarbonize the ICE. By adding H 2 -engine testing, Tenneco is well-positioned to provide technology solutions that can help to accelerate the reduction of carbon emissions of future combustion engine generations to achieve global climate goals faster. Continue Reading Tenneco´s Advanced Technology Center (ATC) at Ann Arbor, Mich. © 2023 Tenneco Inc. Tenneco´s engine test center in Burscheid, Germany © 2023 Tenneco Inc. Preparation of a H2 ICE test cell © 2023 Tenneco Inc. "We support a pragmatic approach of complementary technologies that provide solutions for different transportation sectors," said Stefan Rittmann, Vice President, Engineering with Tenneco’s […]

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Founder and CEO of CreditHub , an award-winning high-tech and high-touch SaaS lending platform that helps companies to scale. getty Business credit is an important tool for any business, small or large, to access financing and grow. In the past, business credit was often tied to the personal credit of the business owner, making it difficult for businesses to establish their own creditworthiness. In recent years, however, there has been a move toward separating personal credit from business credit. This lets businesses build their own credit histories and get loans based on how well they do financially. So what does the future hold for business credit? Here are a few predictions. Increased Use Of Alternative Data Traditionally, business credit has been based on financial data such as credit card and loan history. But in the future, it’s possible that alternative data will be used more and more when deciding whether or not to give a business credit. This could include data on the business’s social media presence, customer reviews and even data on the business’s supply chain. Using alternative data can help lenders get a more complete picture of a business and its creditworthiness. It can also make it […]

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Business aviation operators are often challenged with crew and aircraft shortages as they look to scale and meet the growing post-pandemic demand for air travel. With industry-wide staffing shortages, operators need to figure out how to attract pilots and other crew members — whether it be to fill full-time vacancies or add temp positions to meet urgent scheduling needs. Inspired to build a tech-forward solution, Alek Vernitsky and Alek Strygin co-founded Portside , which allows aircraft operators to share schedules, financial and maintenance data, and other key aircraft information with owners, banks and insurance companies through a web-based portal. Portside today announced that it raised $50 million in a Series B funding round led by Insight Partners with participation from existing investors including I2BF Global Ventures, bringing the company’s total raised to more than $70 million. Portside is Vernitsky and Strygin’s second venture after tour agency startup GetGoing, which they sold to business travel management firm BCD Travel in 2016. Vernitsky was previously head of product at thredUp and for years was an SVP at BCD Travel (as was Strygin) following the GetGoing acquisition. “Portside provides an integrated platform and strives to be a one-stop shop for flight departments,” […]

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Home Depot co-founder blames ‘woke diversity’ for businesses failing to ‘hit the bottom line’ — here are 3 stock picks you shouldn’t snooze on if you agree After a rant on the rise of socialism and “lazy” workers in the United States, Home Depot’s 93-year-old co-founder Bernie Marcus has now taken aim at “woke” business leaders. The billionaire businessman was left raging at claims made in the World Economic Forum’s annual meeting in Davos that the world must “spend more money on climate control.” “We don’t have it. We’ve already overspent,” Marcus said in an interview on Fox Business Network. And he doesn’t want the “woke generation” business leaders committing even more money to the cause. “We need leaders who are basically thinking about the shareholders and their employees,” he added. "And I think today it’s all about woke diversity, things that don’t hit the bottom line.” Don’t miss You could be the landlord of Walmart, Whole Foods and CVS (and collect fat grocery store-anchored income on a quarterly basis) Better than NFTs: You don’t have to be ultra-rich to own a piece of a Pablo Picasso . Here’s how to enter the fine art market Rich young Americans […]

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Intel Corp. is cutting executive and employee pay as it struggles to navigate a sharp downturn in sales. Just days after posting brutal quarterly results , the chipmaker Tuesday evening confirmed the move, with reductions reportedly ranging from a 25% cut to CEO Pat Gelsinger’s base pay down to a 5% trim for midlevel employees. Contributions to 401(k) plans were also being reduced and merit raises and quarterly bonuses halted. “As we continue to navigate macroeconomic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and rewards programs,” the company said, according to an emailed statement. “These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.” Want more Portland business news? Sign up for our daily email newsletters. Intel (Nasdaq: INTC) began layoffs late last year in an effort to shave $3 billion in spending this year on the way to reductions of as much as $10 billion in 2025, although no job cuts have been formally announced in Oregon. Intel is the largest private employer in Oregon with about […]

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