Bed Bath & Beyond files for bankruptcy protection after failed turnaround efforts
Since early January, the struggling home goods retailer has been warning about the possibility of bankruptcy. After a disappointing holiday season, the company issued a “going concern” notice, indicating that it might not have enough cash to cover its expenses.

Although the company’s 360 stores and 120 Buybuy Baby locations will remain open for now, it plans to begin the process of closing down and liquidating assets. The company has already made the decision to close all of its Harmon FaceValue stores.

The company has filed motions in a New Jersey bankruptcy court seeking permission to auction off its two brands. According to court documents, as of late November, the company had about $4.4 billion in assets and $5.2 billion in debts. It owes the most to BNY Mellon at $1.18 billion, with a long list of other creditors. The company has between 25,001 and 50,000 total creditors and employs approximately 14,000 non-seasonal workers.

QuikTrip & Wawa hit network milestones
Both chains are expected to reach 1,000 convenience stores after 60-plus years in business

Krystal is merging with Logan’s Roadhouse owner SPB Hospitality
Krystal is the first fast-food concept in the Houston-based SPB’s portfolio.

Gap cuts 1,800 corporate jobs amid sales slump
The Gap is laying off 1,800 corporate workers, roughly three time the number of headquarters jobs it cut last fall, as the struggling chain cuts costs in a bid to become more nimble.

Chipotle sizzles on track to open 255 to 285 new locations in 2023
It opened 41 new sites during the first quarter, 34 of which featured drive-thru lanes (“Chipotlane”) dedicated to digital order pickup.