Bed Bath & Beyond Inc.

is looking at fewer stores stocked with less stuff as a way to limit the amount of cash trapped in its operations.

The Union, N.J.-based company, which is known for stacking its home goods to the ceiling, is in the process of reducing the number of stores, bringing down its inventory and building out its distribution channels. Bed Bath & Beyond wants to close 63 stores by the end of its fiscal year in February 2021, for a total of 200 over the course of the next two years.

The home-goods retailer has been struggling with falling sales for years and had to temporarily close about 90% of its stores in the early days of the pandemic. Its stores have since reopened, and digital sales are up 89% in the three months ended Aug. 29. Still, revenue in its fiscal second quarter fell to $2.69 billion from $2.72 billion in the prior-year period, Bed Bath Beyond said earlier this month.

Chief Financial Officer Gustavo Arnal, who joined the company in May, is playing a key role in accelerating the retail chain’s transformation and freeing up cash for the business. “The way to get cash flow is working capital optimization,” Mr. Arnal said.

Bed Bath & Beyond’s working capital increased by nearly 10% to $1.24 billion in the year to the end of August, compared with the prior year period, according to CreditRiskMonitor, a provider of commercial credit reports.

The company has been trying to reduce its inventory levels for years, following a peak of $2.9 billion in fiscal 2016, but analysts said it still has room to go. Its fiscal 2019 inventory at $2.1 billion

(Bloomberg) — If Democrats do “sweep” the November elections and increase capital gains taxes, it would be unlikely to cause more than a temporary slide in the U.S. stock market, according to JPMorgan Chase & Co.

Strategists and prediction markets are increasingly pricing in a “Blue Wave” where Democrat Joe Biden wins the presidency and his party takes control of the Senate, adding to their hold on the House. That might allow for an increase in some tax rates — including capital gains.

If a higher rate become effective Jan. 1, 2022, there would probably be some downward pressure in equity markets in the fourth quarter of 2021, according to JPMorgan strategists led by Nikolaos Panigirtzoglou. But once the new rate was in place, stocks would likely resume their upward trajectory, as they did in the first halves of 1987 and 2013 following increases on some capital gains.



chart, line chart


© via Bloomberg


“Longer term, we see little impact from a prospective capital gains tax rate increase on risk taking and investors’ attitude toward equities as an asset class, given the current low yield and high equity risk-premium environment,” the strategists wrote in a note dated Friday.

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One of the major attractions of equities right now is the relatively high return investors can enjoy, with bonds and cash globally offering historically low yields. Real yields are negative for about $31 trillion of bonds, a separate group of JPMorgan strategists estimated recently. With Biden’s lead over President Donald Trump increasing in recent weeks, Wall Street has been turning its focus to the implications of a potential Democratic sweep that could allow the party to more easily usher in big policy changes.

JPMorgan estimates there could be tax-related equity selling of about $200 billion around a prospective increase in the capital gains

New York City Faces Severe Financial Crisis Amid COVID-19 Pandemic

Photographer: Spencer Platt/Getty Images

Neuberger Berman’s Dyal Capital Partners bought a minority stake in Veritas Capital, a private equity firm with more than $20 billion of assets under management, according to people with knowledge of the matter.

Veritas, run by Ramzi Musallam, invests in companies that are related to government services. That includes aerospace, defense, energy, national security and health care, according to its website. Dyal’s stake is about 10%, one of the people said.

Dyal is extending a deal streak after raising its fourth and largest fund last year, at $9 billion. Its fifth fund is expected to be around the same size, said the people, who asked not to be identified discussing private investments. The new fund is nearing its first close at the end of October, one of the people said. The Neuberger unit competes with Blackstone Group Inc. and Goldman Sachs Group Inc. in the business of taking stakes in asset managers.

Dyal has more than $20 billion under management and stakes in firms including Silver Lake, Vista Equity Partners and Starwood Capital Group.

Veritas raised its first institutional fund in 1998 and has made more than 100 acquisitions. Its assets have grown from about $2 billion at the end of 2012. The firm recently informed investors about the “passive” Dyal minority investment, the people said.

Prior to joining Veritas as a founding member, Musallam worked at a private equity group led by Jay Pritzker and Boston-based private equity firm Berkshire Partners. He started his career at JPMorgan Chase & Co.

Neuberger and Veritas representatives declined to comment.

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Launching an innovative crowdfunding platform giving individuals the ability to be part of Nitya’s deals.

HOUSTON, Oct. 10, 2020 /PRNewswire/ — Nitya Capital LLC announces the release of a revolutionary crowdfunding platform, providing investors the power to attain interest in Nitya’s deals, never before open to the public.

Real Estate Investment Redefined
Real Estate Investment Redefined

Invest NOW in Real Estate Crowdfunding platform WITHOUT ANY FEES.

Housed within Nitya’s website, the crowdfunding platform provides a full-scale range of wealth fund options across asset classes, including multifamily and office properties. The crowdfunding platform is uniquely positioned to provide investors with a better offer by eliminating additional fees, typically passed along to investors using third-party crowdfunding models.

“This is a game changer for a lot of investors. We’ve built a platform that enhances the way people can invest in real estate by taking away the extra fees and giving them access to our ventures,” said Swapnil Agarwal, CEO and founder, Nitya Capital. “We’re making the deals extremely competitive and opening them up to the public, allowing new investors to be part of Nitya’s movement.”

Nitya Capital’s historical performance includes an average deal of 2.7 years with a realized average net IRR of 21%. Nitya has approximately $2.5 billion in assets under management. Opportunities are open to accredited investors and start at $25,000.

“We’ve found there is a significant market for people looking to diversify their portfolio, as an alternative to typical stock and bond investments,” said Mehul Chavada, Head of Investments and Business Development, Nitya Capital. “We’ve been able to beat investor expectations in past deals. Since we used to only work with known investors, this kind of public opportunity has never been on the table before.”

For more on the crowdfunding platform, go to https://nityacapital.com/deals/.

About Nitya Capital
Nitya Capital LLC

By Joice Alves

LONDON, Oct 9 (Reuters)Rolls Royce RR.L shares on Friday were heading for their best weekly gain since listing in 1987 as the British aircraft engine maker’s plan to raise money to cope with the coronavirus travel crisis triggered bargain hunting among investors.

The value of Rolls Royce shares more than doubled in the last week to 228.90 pence, although that is still a far cry from the 690 pence they traded at before the coronavirus outbreak.

The company aims to raise a total of 5 billion pounds, including 2 billion from shareholders, to cope with a “worst case scenario”.

“(The recapitalisation plan) sets up Rolls-Royce sufficiently to navigate an uncertain recovery and removes any lingering concerns about liquidity – and even solvency,” said Berenberg analyst Andrew Gollan, keeping a “buy” rating on the stock.

Worries over a long-haul travel slump reduced Rolls Royce’s market value to just 3.8 billion pounds ($4.9 billion) from 20.5 billion pounds two years back.

“There is a clear willingness to go bargain hunting as traders begin to see the light at the end of the tunnel,” said Joshua Mahony, senior market analyst at IG.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said there has been “renewed retail investor interest” with Rolls Royce shares the most purchased by her clients in the week ending Oct. 8.

The Capital Group of Companies, a major investor, raised its stake in Rolls to 8.70% from 7.91% on Thursday.

Rolls Royce shares were up 17.8% on Friday by 1136 GMT, among the top performers on the pan-European STOXX 600 .STOXX index. Analysts said the stock still looked cheap.

($1 = 0.7723 pounds)

Rolls Royce’s roller coaster ridehttps://tmsnrt.rs/30O27wZ

(Reporting by Joice Alves; Editing by Kirsten Donovan)

(([email protected]; +442075422345; Reuters Messaging: [email protected]))

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