LOUISVILLE, Ky. (WDRB) — Bed Bath & Beyond is closing one of its two Louisville stores.
In a release on its website, the company listed the store on Summit Drive as one targeted for closing. That’s in the Paddock Shops in east Louisville.
The remaining location in Louisville is in St. Matthews on Breckenridge Lane.
Bed Bath & Beyond announced the closure of 150 stores in early January including one in Elizabethtown and another in Bowling Green.
The company said on Jan. 26 that it’s in default on its loans and doesn’t have sufficient funds to repay what it owes.
The home goods chain based in Union, New Jersey, said in a Securities and Exchange Commission filing that the default would force the company to look at alternatives including restructuring its debt in bankruptcy court.
Its recently appointed president and CEO, Sue Gove, blamed the poor holiday performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on store shelves.
Typically, retailers struggling file for bankruptcy protection after the holiday shopping season because they have a cash cushion coming from the two-month sales period.
Still, turning around Bed Bath & Beyond is expected to be difficult amid increasing competition from discounters. Its struggles come as the economy is weakening, and shoppers are tightening their purse strings.
Copyright 2023. WDRB Media. The Associated Press contributed to this story. All rights reserved.
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