BofA says the bankruptcy of Bed Bath & Beyond (BBBY) and closure of its remaining 360 Bed Bath & Beyond and 120 buybuy Baby locations presents opportunities for off-price retailers Burlington (BURL), Ross Stores (ROST) and TJX (TJX) in terms of real estate, inventory, and market share. Off-pricers took over initial vacancies during the last year as Bed Bath closed 400 U.S. locations, notes the firm, which sees opportunity to capitalize on additional vacancies and closeout merchandise. "While one bankruptcy is not thesis-changing, competitors going out of business is one of the tenets of the off-price market share story that has been missing over the past few years," the firm added. BofA has Buy ratings on Burlington, Ross and TJX.
Published first on TheFly
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