Investors are nervously watching Bed Bath & Beyond as the value of the home product chain — which had about 1,000 stores and 32,000 employees across the U.S. a year ago — has plummeted 83 percent since March.
The company is looking for a buyer and a lender as it careens toward possible bankruptcy this winter. Its stock now trades at $2.52 a share.
The potential bankruptcy raises questions about the chain’s last 20 stores in Michigan — and what will happen to the large outdoor shopping centers that are home to them if Bed Bath & Beyond liquidates. Among earlier examples that sent ripple effects across U.S. retail properties was the closing of Borders Inc. in 2011 and the downsizing of Toys R Us before its 2018 bankruptcy.
But at least one important Michigan developer contends that the demise of Bed Bath & Beyond, if it happens, won’t necessarily spell catastrophe for surrounding businesses. Indeed, vacancies at large outdoor “power centers” — outdoor shopping centers with several big-box retailers along with smaller stores and restaurants — can often lead to upgrades.
“We think when a store like Bed Bath & Beyond goes out, it breeds opportunity,” said Chris Brochert, managing partner at Lormax...
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