Indianapolis, IN

Bed Bath and Beyond says it may not survive

Published

1 year ago

January 5, 2023

Bed Bath and Beyond says it may not survive

(CNN) — Mattress Tub & Past issued a grim message about its future Thursday, warning {that a} chapter submitting is a attainable final result for the corporate.

There’s “substantial doubt in regards to the firm’s skill to proceed” due to its worsening monetary state of affairs, the house items chain stated in a regulatory submitting Thursday.

The corporate added that it’s exploring strategic options, together with restructuring its debt, searching for extra money, promoting belongings and submitting for chapter.

Mattress Tub & Past’s inventory plunged greater than 20% throughout early buying and selling Thursday. It dipped beneath $2 a share, an all-time low.

“Mattress Tub & Past is simply too far gone to be saved in its current kind,” Neil Saunders, an analyst at GlobalData Retail, stated in a be aware to purchasers Thursday. “All of this factors to chapter as being the most probably final result.”

The corporate’s announcement marked the newest signal of hassle at one of the crucial in style retailers in America for many years. Based in 1971, Mattress Tub & Past turned a staple for inexpensive house decor, kitchenware and school dorm room furnishings. The retailer turned identified for its ubiquitous 20% off blue coupons and cavernous shops with merchandise stacked excessive to the ceilings. Manufacturers coveted a spot on Mattress Tub & Past cabinets.

However the firm struggled to make the transition to on-line buying and fend off bigger chains resembling Walmart and Goal. Many consumers switched to these opponents because the novelty of Mattress Tub & Past’s coupons light — customers ca discover loads of cheaper options on Amazon and different on-line websites.

The corporate additionally was hit arduous through the pandemic, closing shops quickly durin 2020 whereas rivals remained open. The corporate misplaced 17% of its gross sales in 2020 and 14% in 2021.

Mattress Tub & Past has rotated by a number of totally different executives and turnaround methods lately, together with former Goal government Mark Tritton, who left the corporate final 12 months after lower than three years as CEO.

As of February 2022, Mattress Tub & Past had 950 shops and 32,000 employees. The corporate additionally owns chidren’s retailer buybuy Child.

The chain stated in August that it’ll lay off roughly 20% of company workers, shut round 150 shops and slash a number of of its in-house house items’ manufacturers.

Mattress Tub & Past stated Thursday that internet gross sales for the corporate’s newest quarter, which included Black Friday, dropped 33% to $1.25 billion from the identical time a 12 months in the past. Its losses grew 40% to $385 million from a 12 months in the past.

On Thursday, CEO Sue Grove stated “we have now a transparent imaginative and prescient for the way forward for the corporate” and requested for persistence.

“Reworking a company of our dimension and scale requires time, and we anticipate that every coming quarter will construct on our progress,” she stated.

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Indianapolis, IN

Indianapolis Outshines Imola

Published

5 hours ago

May 21, 2024

Press Room

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In a blatant show of disdain for IndyCar fans around the world, Formula 1 has finally become interesting again. Talk about timing…

Nonetheless, the young, McLaren-driven renaissance of proper racing in F1 won’t distract from the absolute madness unfolding in Indianapolis.

In an extended episode of The Pit Straight, Alex Gintz and Tom Blackburn are reunited to examine the significance of Lando Norris‘ near-toppling of Max Verstappen in Imola, as well as the character of classic racetracks which seems to be lacking in the glitz and glam of 21st century racing architecture.

Further, off the back of a dramatic weekend of qualifying for the 108th Indianapolis 500, the two break down the biggest stories from the Brickyard, including Team Penske’s near miraculous, though some word say suspicious, pace as well as Rinus VeeKay‘s valiant last-minute qualifying run to advance to the Fast 12.

Among other stories, of course.

The Pit Straight is Frontstretch‘s open-wheel racing podcast, available during the racing season weekly on Tuesdays on Spotify, Apple Podcasts, and right here on the web.

A daily email update (Monday through Friday) providing racing news, commentary, features, and information from Frontstretch.com
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Indianapolis, IN

From White River State Park to the Snake Pit: The ultimate Indy 500 weekend concert guide

Published

11 hours ago

May 21, 2024

Press Room

From White River State Park to the Snake Pit: The ultimate Indy 500 weekend concert guide

INDIANAPOLIS — As hundreds of thousands of people convene in Indianapolis for the “The Greatest Spectacle in Racing”, thousands more will head into the Circle City for a weekend full of musical entertainment.

The Indy 500 weekend has become a staple for music lovers and concert-goers. Beginning with Carb Day on Friday and culminating with the Snake Pit on Race Day, fans can take in a myriad of music genres and vibes.

Carb Day

The Month of May party truly gets started on Friday with Carb Day at Indianapolis Motor Speedway.

This year, along with on track activity, Carb Day will feature performances from George Thorogood & The Destroyers and Gin Blossoms.

“Carb Day is the unofficial start to summer and the kickoff to race weekend for many of our fans; they take the day off from work and spend it at IMS,” IMS President J. Douglas Boles said. “From on-track action like the final practice and Pit Stop Challenge to hip DJs and cool rock concerts, it’s a day like no other at the Racing Capital of the World. George Thorogood & The Destroyers, as well as Gin Blossoms and Kid Quill, are a great addition to a full day of entertainment.”

Tickets for Carb Day start at $45.

Full Carb Day schedule:

8 a.m. Gates Open
11 a.m. – 1 p.m. Indianapolis 500 practice
2:30 p.m. – 4 p.m. Indy 500 Pit Stop Challenge
3 – 6 p.m. Carb Day Concert (Gates open at 2 p.m.)

The Carb Day stage is located in the infield closest to turn three.

Legend’s Day Concert

One of country music’s fastest rising stars will headline Legends Day during the Month of May this year.

Riley Green, known for hit songs like “There Was This Girl” and “I Wish Grandpas Never Died”, will headline the Legends Day concert at Everwise Amphitheater at White River State Park.

The concert is again set for the night before the Indy 500.

“The countdown to the green flag on Race Day is full of unmatched energy and excitement,” IMS President J. Douglas Boles said. “While fans sing along to hits by Riley Green at the Firestone Legends Day Concert at a fantastic venue in downtown Indianapolis, IMS will be ready to welcome more than 300,000 at 6 a.m. the following morning.”

Tickets for the Legends Day concert are still on sale through LiveNation.

Snake Pit

This year’s festival inside Turn 3 of the Indianapolis Motor Speedway oval on Indianapolis 500 race day will be headlined by DJ and producer Excision.

Dom Dolla, Gryffin, Sullivan King and Timmy Trumpet will also perform at the concert.

“The Indy 500 Coors Light Snake Pit is one of the most epic parties of Race Weekend,” IMS President J. Douglas Boles said. “Experiencing the Indy 500 from the Snake Pit is unforgettable and is a May highlight for many of our fans. This incredible lineup is can’t-miss for music enthusiasts from all over.”

General admission and VIP tickets for the Snake Pit are on sale for $55 and $160.

Snake pit ticket holders must be 18 years old for entrance into the Snake Pit.

The Snake Pit Schedule is as follows:

8:15 a.m. Timmy Trumpet
9:15 a.m. Sullivan King
10:30 a.m. Gryffin
11:45 a.m. Pause for Indy 500 pre-race
12:50 p.m. Excision
2:20 p.m. Dom Dolla

A reminder of the rules for what is allowed in the IMS gates on race day — even if you’re planning to only enjoy the show and not the race.

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Indianapolis, IN

Why Indy 500 pit stops are critical in determining the race winner

Published

18 hours ago

May 21, 2024

Press Room

Why Indy 500 pit stops are critical in determining the race winner

The Indianapolis 500 can be decided by the blink of an eye. Six times in the past 10 years, the margin of victory was less than 1 second. In 2023, Josef Newgarden beat Marcus Ericcson in a one-lap shootout by 0.0974 seconds.

While the drivers and team owners get most of the glory, the work by the pit crews is critical in determining the champion. Here’s more about what goes into an Indy 500 pit stop.

How many pit stops are there in the Indy 500?

There’s no set number, but the most common number of pit stops among contenders is six or seven. The number of caution flags, and when they occur, play a role in determining how many stops a driver makes.

Indy 500 pit stop times

An ideal pit stop takes about 7 seconds. A stop includes changing four tires, filling an 18.5-gallon fuel tank and making any desired wing adjustments to create optimum aerodynamics.

The pit stop process takes longer, because the driver must not exceed the 60 mph pit road speed limit when entering pit road and leaving the pit box. The driver also must avoid contact with other cars along pit road and not strike crew members or pit equipment.

Infractions bring penalties, often a “drive-through,” which means the driver must bring the car through pit road at the pit speed limit while racing on the track continues.

Indy 500 history: Here are the 6 closest finishes

Indy 500 pit crew members

Six people comprise the “over-the-wall” members of the pit crew: left front tire changer; left rear tire changer; right front tire changer; right rear tire changer; fueler, and jack operator. They wear fireproof suits and a helmet, just like the driver.

Jack operator: Operates the pneumatic air jack that lifts the car 4 inches off the ground, allowing the tire changers to do their jobs, and disengages the jack after tire work is done but before the driver leaves the pit box.

Fueler: Attaches a hose to the fuel tank, allowing 18.5 gallons of fuel into the car, then disengages the hose without spillage.

4 tire changers: Each carries a tire to be exchanged during the stop. Front tires typically weigh about 13.5 pounds, and rear tires 14.7 pounds. The changer uses a tire gun to remove the wheel nut, removes the tire by hand, puts the new tire on and makes it secure, all in less than 6 seconds.

When the right front tire changer has completed a change, he holds up a hand, then drops it to indicate that it’s OK for the driver leave the pit box.

Indianapolis 500: Here are the five fastest races in Indy 500 history