The U.S. Supreme Court on Thursday ruled that the federal government does not have the power to enforce vaccine-or-test requirements for large private companies, effectively blocking the Biden Administration’s plan to require workers at businesses with 100 or more employees to get vaccinated against COVID-19 or submit a negative test weekly to enter the workplace. The court did rule that the Occupational Safety and Health Administration could enforce the mandate at medical facilities that take Medicare or Medicaid payments.

Volatility in Retailer Debt Market

Investor worries over omicron, supply chain kinks, climbing interest rates and inflation have created volatility in the retailer debt market, according to credit ratings service Pulse Ratings. The company’s index of retailer debt note prices declined by 1.1% from December to January.

Most notably, after Bed Bath & Beyond announced disappointing third-quarter results, the average value of its $675 million notes due 2044 dropped by 15% to $73.83. Following 99 Cents Only Stores’ announcement that ongoing freight and wage pressure will continue to impede margins, its senior secured notes due 2026 fell 10% from $98 in mid-June to $79.25.

Crafts chain Michaels, the subject of $3.3 billion leveraged buyout last April, had a disappointing third quarter, as well, and its $1.3 billion senior notes due 2026 dipped from $101.87 to $95.90. At Home, which also went through a leveraged buyout last year, watched its $500 million senior notes due 2029 decline from $101.13 when they were issued in June to $97.54 in January. And the average value of the notes for Belk’s $815 million, 10% fixed-rate term loan due 2025 fell from $76.19 in December to $73.88 in January as the retailer failed to keep pace with its department store peers during the third quarter.

On the positive side of the ledger, the average value of Staples’ $2 billion in senior notes due 2027 climbed 2.5% to $102.52, thanks to the chain’s solid third quarter. Bass Pro Shops’ $4.7 billion term loan due 2028 inched up to $100.36 after the retailer terminated its merger agreement with Sportsman’s Warehouse. Meanwhile, Neiman Marcus’ $1.1 billion senior secured notes due 2026 continue to trade well above par at $105.89; its operating trends have been encouraging since emerging from bankruptcy protection.

5 More Tenant Updates

Bed Bath & Beyond: The home decor chain warned investors it had a weak holiday sales season due in part to supply chain kinks that kept key products off shelves. After same-store sales declined by 7% in the third quarter, the company predicted they will decline in the high-single digits again for the fourth quarter.. Same-store sales at its Buy Buy Baby stores continue grow despite the struggles of the namesake brand.

Batteries Plus Bulbs: The nation’s largest and fastest-growing battery, light bulb, key fob and phone repair store signed franchise deals in the past year to open 88 locations. It aims to sign 60 more this year. The brand has 800 stores and wants to grow its presence in Southern California and in the Northeast, specifically from Philadelphia to Boston.

Big Lots: After a decade of stasis, the discounter plans to open more than 500 stores over the next several years, including 50 this year and 80 or so per year after that. Existing markets, rural and small towns and new areas are all being considered by the retailer, which has some 1,400 stores.

Camp: The children’s apparel and toy retailer, pictured at top, will open its eighth store, at Burlington Mall near Boston, in February. The 9,400-square-foot store is the first of many brick-and-mortar locations set to open in 2022, including a flagship in Los Angeles in early spring. Camp stores evolve, launching a new theme every four months to keep families coming back for more interactive experiences.

Crazy Apparel: The Italian sporting goods brand known for ski apparel and gear will open its first U.S. brick-and-mortar store, in Carbondale, Colorado.