Business & Tech
2 Beloved Retailers Resurrecting In NJ
Like Toys "R" Us, two more bankrupt stores are making a comeback. See where stores will re-open in the Garden State.
NEW JERSEY — Bed Bath and Beyond may be gone, but two of the New Jersey-based company's brands plan to make a comeback in the Northeast this fall, according to a report.
The new owners of Buy Buy Baby plan to open 11 stores back up in the Northeast as soon as this fall, including four in New Jersey — as Patch reported last week. And, Harmon Face Values plans to reopen five stores in New York, New Jersey, and Pennsylvania, a CNBC report said.
Dream on Me is the retailer that bought Buy Buy Baby's intellectual property and data, as well as the 11 of leased stores that are now slated to re-open. Four of the stores are in New Jersey: Paramus, Bridgewater, Woodbridge Township and Cherry Hill.
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
And, the resurrection won't stop there — Avish Dahiya, the company’s chief marketing officer, told CBNC that 100 to 120 stores could be open within one to three years.
“We definitely see merit in expanding to that number across the U.S.,” Dahiya said in the company’s first interview since its acquisition. “Similar to what we have done in the Northeast, it will be more cluster-based versus one-off.”
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
Private investor Jonah Raskas, the new owner of Bed, Bath & Beyond sibling Harmon, said the brand will reopen five stores in the tri-state area.
“This business never failed. This business was shut down because Bed Bath was failing,” Raskas told CNBC. “We have the luxury of deciding which stores to reopen … we have that ability to focus on the right places at the right time where the customers really want us back again.”
Overstock.com bought the IP for Bed Bath and Beyond for $21.5 million in June, also securing Bed Bath's mobile platform, business data, and marketing material. The company has officially relaunched as Bed Bath and Beyond online.
Bed Bath and Beyond, which is headquartered in Union, filed for Chapter 11 bankruptcy protection on April 23, listing its estimated assets and liabilities at a value up to $10 billion.
Discounted sales have been going on since late April at 360 Bed Bath and Beyond stores around the country, including the 13 stores remaining in New Jersey, as the company plans to shut them down.
Related article:
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
