Cheetah Net Supply Chain Service Inc
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Consumer Discretionary : Distributors |
Company profile

Cheetah Net Supply Chain Service Inc. is a supplier of parallel-import vehicles in the United States to be sold in the People’s Republic of China (PRC) market. The Company and its wholly owned subsidiaries are primarily engaged in the parallel-import vehicle dealership business. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers’ official distribution systems. The Company purchases automobiles, primarily luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, from the U.S. market and resells them to its customers, including both U.S. and PRC parallel-import car dealers. The Company holds 100% of the equity interests in the subsidiaries, such as Allen-Boy International LLC, Canaan International LLC, Pacific Consulting LLC, Canaan Limousine LLC, Entour Solutions LLC, Spirit Solutions LLC, and Cheetah Net Logistics LLC.

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Bed Bath & Beyond bankruptcy: These retailers could pick up the company's bones

8:46 am ET May 8, 2023 (MarketWatch)

By James Rogers

Bed Bath & Beyond Inc.'s bankruptcy could benefit a host of retailers, according to data from analytics company

Bed Bath & Beyond Inc.'s bankruptcy could benefit a host of retailers, according to data from analytics company

The struggling home goods retailer and sometime meme stock darling filed for Chapter 11 last month, and the company's bankruptcy is likely to benefit two categories of retailer, according to "First, chains looking to expand their brick-and-mortar footprint will be able to snap up retail vacancies created by the store closures," wrote's Marketing Content Manager Shira Petrack, in a report. "Second, retailers with a large home furnishings selection -- including dedicated home furnishing brands along with home improvement, superstores, and discounters -- will likely see an uptick in visits from former Bed Bath & Beyond customers." foot traffic data show that Walmart Inc. (WMT), and Target Corp. (TGT) enjoyed most "cross-shopping" from Bed Bath & Beyond customers in 2022, followed by Dollar Tree Inc. (DLTR), Costco Wholesale Corp. (COST), privately-owned Hobby Lobby, Walmart-owned Sam's Club, Dollar General Corp. (DG), and Five Below Inc. (FIVE). "Some of the rise in cross-shopping may be due to the other retailers' expansions -- for example, more Target stores means more opportunities for Bed Bath & Beyond customers to visit Target, which can drive a rise in cross-shopping," wrote Petrack. "These brands are likely to see an additional boost in visits as Bed Bath & Beyond continues closing stores."

Also read: Bed Bath & Beyond: From home-goods behemoth to bankruptcy

Walmart's stock ended Friday's session up 0.9%, and Target shares rose 2.5%, outpacing the S&P 500 index's gain of 1.9%. Dollar Tree ended Friday's session up 2.5%, while Costco rose 1.8%, and Dollar General was up 1.1%. Shares of Five Below closed up 0.7% Friday.

Some of the bankrupt retailer's competitors may try to take over shuttered Bed Bath & Beyond stores, according to's Petrack. However, there is no one-size-fits-all tenant well-positioned to take over the brand's entire real estate portfolio, she added.

Regarding the future of brick-and-mortar retail, Petrack sees potential opportunities in the wake of Bed Bath & Beyond's bankruptcy. "Superstores and home furnishings retailers can step in to fill the gap in supply, and store closures will open up vacancies for traditional and non-traditional retail tenants to expand their fleets and revitalize existing shopping centers and strip malls," she wrote.

Related: After Nasdaq delisting, Bed Bath & Beyond's stock jumps on OTC debut

Shares of Bed Bath & Beyond began trading over the counter last week after the Nasdaq started the delisting process for the bankrupt retailer. Trading under the ticker BBBYQ (BBBYQ), the stock opened at 7.5 cents Wednesday. The stock ended Friday's session up 33.4% at 14.2 cents.

Bed Bath & Beyond's bankruptcy came after a troubled couple of years marked by strategic missteps, cash burn, challenging underlying business trends and the impact of the COVID-19 pandemic.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 08, 2023 08:46 ET (12:46 GMT)

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