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Bed Bath & Beyond has ‘substantial doubt’ about future, putting 7 Minnesota stores at risk

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Bed Bath & Beyond has ‘substantial doubt’ about future, putting 7 Minnesota stores at risk


Dwelling items chain Mattress Tub & Past is going through an unsure future, placing seven Minnesota places in danger.

The chain is going through an uphill climb attributable to slower foot visitors and weaker gross sales that would lead to chapter, with the corporate saying in its newest earnings report that there’s “substantial doubt concerning the Firm’s means to proceed as a going concern.”

In a press release earlier than the inventory market opened Thursday, the corporate mentioned its third quarter internet gross sales dropped by round a 3rd in comparison with the identical interval in 2021, which included Black Friday. A complete lack of $386 million in its newest quarter was reported, in comparison with a $276 million loss final 12 months.

The corporate is looking for methods of decreasing its liabilities, which may embrace promoting a few of its properties, or looking for chapter aid.

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This in flip may spell dangerous information for the corporate’s seven remaining Minnesota shops, that are in Apple Valley, Bloomington, Maple Grove, Minnetonka, Rochester, Roseville, and Woodbury.

The St. Cloud location on the Rivertown Village Procuring Middle closed on Dec. 30, an worker confirmed to Carry Me The Information on Thursday. It was named on a 2022 checklist of 150 shops the corporate meant to shut nationwide.

“Whereas the Firm continues to pursue actions and steps to enhance its money place and mitigate any potential liquidity shortfall, based mostly on recurring losses and unfavorable money circulation from operations for the 9 months ended November 26, 2022, in addition to present money and liquidity projections, the Firm has concluded that there’s substantial doubt concerning the Firm’s means to proceed as a going concern,” Mattress Tub & Past mentioned in a press release.

CEO Susan Gove mentioned among the many causes for the drop in gross sales is “stock constraints,” saying objects have not been up to date as constantly as prospects would love.

The corporate has confronted rising strain to chop prices after repeated quarters of declining gross sales in 2022. The retailer was additionally criticized for getting again almost $700 million of its personal inventory in late 2020.

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In early 2020, the corporate had almost 1,500 shops working across the nation however that has since declined to round 955, of which 769 are Mattress Tub & Past. Different retailer manufacturers throughout the firm embrace Buybuy Child, Harmon, Harmon Face Values, and Face Values.

Massive department shops have struggled lately attributable to on-line procuring, the COVID-19 pandemic, and competitors from off-price retailers. BestLife experiences extra department shops may face closures in 2023, corresponding to Kohl’s and Nordstrom. 

Just lately in Minnesota, large field shops corresponding to Marshalls, Macy’s, Brooks Brothers, Saks Off Fifth and Nordstrom Rack in downtown Minneapolis have closed lately.



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Minnesota

Top Minnesota politics moments in 2024: Walz for vice president, legislative chaos and more

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Top Minnesota politics moments in 2024: Walz for vice president, legislative chaos and more


MINNEAPOLIS — From Gov. Tim Walz becoming the Democratic nominee for vice president to the whirlwind conclusion of Minnesota’s legislative session, 2024 was packed with political highlights in the state. 

Here’s a look back at some of the biggest moments of the year. 

2024 Election

Democratic presidential nominee Kamala Harris selected Minnesota Gov. Tim Walz to be her vice presidential running mate, putting the state in the national spotlight for the 2024 presidential election. 

President-elect Donald Trump would go on to win the November election thanks, in part, to the battleground state of Wisconsin flipping in favor of Trump. However, the Minnesota section of the “blue wall” held on Election Day, marking the 13th straight presidential race where the Democratic candidate won the state — and the seventh time that candidate lost.

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Trump wasted little time after becoming president-elect to start announcing picks for his cabinet. Just one week after the election, Trump announced he would be selecting Minnesotan Pete Hegseth to lead the Department of Defense. The Fox News Channel host was valedictorian at Forest Lake High School and was a member of the Minnesota National Guard.

On a state level, a close House race has resulted in a court battle.

Incumbent DFL Rep. Brad Tabke beat GOP candidate Aaron Paul by 14 votes and maintained his lead after a recount in the race for House District 54A covering Shakopee. Now, Paul is asking a judge to invalidate the results after an investigation by county officials found 21 missing ballots were likely thrown away in the trash and cannot be recovered.

If the results are invalidated, the seat would be declared vacant and a special election would happen sometime early next year. The race will determine control of the House. 

Around 45,000 Minnesota Democrats voted for “uncommitted” instead of incumbent President Biden during the presidential primary in March. The votes were the result of an effort by Uncommitted MN, a group protesting Biden’s stance on the war between Israel and Hamas in Gaza.

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Chaotic end to Minnesota legislative session

In May, political tensions reached a boiling point over a last-minute decision by Democrats to put their unfinished priorities into one bill to get them across the finish line.

Democrats bypassed debate and went straight to a vote on a tax bill in which they added provisions from eight other proposals. The move resulted in a descension into chaos in the Minnesota Legislature.

Democrats said the state House did what was needed to pass their agenda, while Republicans were yelling “tyranny” and “communism” in the final minutes of the session, seeking motions to stop the vote. 

What bills did and didn’t pass the Minnesota Legislature this year?

PASSED

DIDN’T PASS

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New laws in effect in 2024

Other headlines

In April, Sen. Nicole Mitchell, DFL-Woodbury, was charged with first-degree burglary. According to the criminal complaint, Mitchell is accused of burgling her stepmother’s home in Detroit Lakes. Mitchell has pleaded not guilty, denied stealing and stayed in office despite calls from Democrats and Republicans for her to resign.    

Cannabis regulators are pushing a plan for the initial rollout of the state’s legal marijuana market to spring of next year following a judge’s decision to halt a planned lottery last month to choose the first business license holders.  

The state’s new flag and State Seal are now in official use, following months of meetings, spirited debates, design submissions and an attempt by some Republican lawmakers to halt the flag’s rollout

Minnesota is expected to have a $616 million surplus in the next two-year budget, according to the latest forecast, but state officials say there is a looming $5 billion deficit in future years. 

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Some of the new laws taking effect Jan. 1 in Minnesota

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Some of the new laws taking effect Jan. 1 in Minnesota


Some of the new laws taking effect Jan. 1 in Minnesota – CBS Minnesota

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The new year signals the start of new laws taking effect in Minnesota, which will impact Minnesotans’ health, wallets and safety.

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Goalie Nicole Hensley stars as league-leading Minnesota Frost top New York Sirens in shootout | CBC Sports

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Goalie Nicole Hensley stars as league-leading Minnesota Frost top New York Sirens in shootout | CBC Sports


Nicole Hensley made back-to-back saves in the shootout and the Minnesota Frost earned their fourth straight victory with a 4-3 win over the New York Sirens on Sunday in Newark, N.J.

It was the fourth time in seven all-time meetings that a game between the teams was decided in OT and the second this season. New York won the season opener in St. Paul, Minn.

Kendall Coyne Schofield scored two first-period goals to stake the Frost to the early lead and Taylor Heise beat Kayle Osborne, who relieved starter Abigail Levy in the New York net to start the second period, two minutes in to make it a 3-0 lead.

WATCH l Heise scores shootout winner:

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Minnesota captures shootout win over New York to remain on top of PWHL standings

Taylor Heise’s fourth round shootout goal turned out to be the difference as the Minnesota Frost defeated New York Sirens 4-3 Sunday in New Jersey.

But Osborne did not allow another goal in regulation and wasn’t seriously challenged in overtime while the Sirens staged a comeback. Brooke Hobson and Elizabeth Giguere each scored in the second period and Alex Carpenter pounced on a loose puck and lifted a shot over Hensley’s shoulder from deep in the face-off circle to tie the game midway through the third period.

Hensley was brilliant in overtime, turning away four close-in, open shots by the Sirens (2-1-1-1), two of them on breakaway chances.

Minnesota (4-0-1-0) got goals from Denisa Křížová, Grace Zumwinkle and Heise in the shootout. Noora Tulus and Carpenter each converted in the shootout for New York, but Hensley came up with a save on Sarah Fillier before stopping the final two shooters for the Sirens.

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Hensley finished with 33 saves on 36 shots to earn the win. Osborne made 18 saves on 19 shots over her 45 minutes in goal for New York. Carpenter’s two-goal effort lifted her past Coyne Schofield and into the league lead with four goals in her first five games and she now has a league-leading seven points.

WATCH l Sirens’ Fillier, Carpenter test their off-ice chemistry:

New York Sirens’ Sarah Fillier, Alex Carpenter test their off-ice chemistry

Host Anastasia Bucsis puts newest teammates and linemates to the test to determine if their chemistry on the ice, translates off it.



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