THE WHAT? Bed, Bath & Beyond has launched a bid to claim back US$31.7 million from shipping firms following its bankruptcy, according to a report published by the Wall Street Journal.
THE DETAILS The US retailer claims that Orient Overseas Container Line exacerbated the delays and chaos caused by supply chain disruption during the pandemic in order to inflate prices. Bed, Bath & Beyond’s complaint has been filed with the US maritime regulators.
THE WHY? Costs of importing goods rose sharply during the pandemic as ports became congested, delaying shipments. Bed, Bath & Beyond’s bankruptcy and subsequent wind down means the metaphorical gloves are off as it no longer needs to maintain relationships with its carriers and instead, must recoup as much cash as possible to assuage its creditors.
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