Struggling big box retailer Bed Bath & Beyond is closing its Lewisville distribution center with 374 employees.
All employees are being terminated at the facility at 2900 South Valley Parkway, which is closing permanently, the New Jersey-based retail said in a letter to the Texas Workforce Commission.
The retailer leased the almost 800,000-square-foot facility in 2016 to fill e-commerce orders.
The job cuts, one of the largest layoff notices in North Texas in recent months, will start on March 26 and end by April 1, the company said. Local job cuts are happening while Texas has been leading the nation in new jobs created.
The retailer, which as recently as 2021 spent $600 million buying back its stock, is in a cash crunch.
Lenders, which include JPMorgan Chase and Sixth Street, have cut it off. It could find a buyer but hasn’t yet.
Bed Bath & Beyond has said it’s exploring all options including a bankruptcy reorganization. It’s been closing stores and on Friday it said it would close 87 more stores including the entire Harmon drugstore chain which operates in the northeast.
The retailer went through an unsuccessful turnaround under former CEO Mark Tritton who was brought in from Target in 2019 and left the company in June.
Twitter: @MariaHalkias
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