In a recent interview Bob Nardellithe former CEO of home depot HDwarned against it the US economy is “very complex” and warned consumers that mid-market companies are under “tremendous pressure”.

What happened: Nardelli further shared his views during an appearance “Cavuto: Coast to Coast” by Fox Business on Friday and, citing furniture retailers, stated that there would be “many bankruptcies”. Bed Bath & Beyond Inc. BBBY as an an example.
“I think we’re going to see a lot of bankruptcies, like Bed, Bath and Beyond,” Nardelli said. “We made Walmart not only lay off people, but also close stores. We got Accenture to fire people. We got Amazon to close distribution centers.”

See also: Walmart is closing four Chicago stores as it faces millions of dollars in losses

Bed Bath & Beyond is are on the brink of bankruptcydue to problems within the company and the retail sector as a whole.
The “complexity” of America’s economy, Nardelli continued, is “unlike anything I’ve seen in my 52 years.”

Why it matters: More than 50,000 retail stores could be permanently closed in the next five years UBS analysts. By the end of 2027, such closures could reportedly result in a 5% reduction from the current number of over 940,000 US stores.
Nardelli added that due to big players like Bed Bath & Beyond Footlocker Inc. FL And Tuesday Morning By reducing their footprint, the number of closed stores has already increased significantly in 2023 compared to 2022.
Nardelli said he was “definitely concerned” because Congress’ failure to convene to raise the debt ceiling is putting an unprecedented strain on businesses.

Continue reading: Economist lists 3 warning signs of recession investors should watch out for in 2023

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