Bed Bath & Beyond is reportedly closing 87 more stores in addition to the 150 announced a couple of months ago. The list updated by the brand earlier this month shows which of its outlets will be shut down.
The brand has opted for the above option to manage its business “as efficiently as possible”, while it’s reportedly negotiating a loan to deal with a possible bankruptcy proceeding, states Reuters.
The decline in Bed Bath & Beyond’s sales was attributed to low customer traffic and reduced levels of inventory availability among other factors.
Which Bed Bath & Beyond stores are closing?
At the time of writing this, Bed Bath & Beyond has announced the closure of its 237 stores, but the exact date of closing is yet to be revealed.
The official store closing list updated on January 10, 2023 names multiple stores in Arizona, California, Colorado, Delaware, Florida, Georgia, Iowa, and Massachusetts among other locations.
You can check the status of your local store using the zip code on the official list, which shows the exact address of each closing store in different states. Details regarding the additional stores set to close are yet to be added.
Meanwhile, the brand is also closing its entire chain of 50 Harmon locations as well as five other Buybuy Baby locations.
The reason behind the closures
Bed Bath & Beyond is reportedly trying to “restructure” its debt in bankruptcy court after stating in the Securities and Exchange Commission filing last Thursday that it has defaulted on its loans.
The company had previously noted that there was “substantial doubt” it could stay in business as the losses continued to widen for its fiscal third quarter in November 2022.
The Hill reports, President and CEO, Sue Gove, blamed low sales during the latest holiday season owing to inventory constraints and reduced credit limits as the reason for its increased loss.
A spokesperson for Bed Bath & Beyond told NJBIZ: “While this decision is difficult, local customers can still find their favorite health, beauty, and wellness products at nearby Bed Bath & Beyond stores, as well as online at bedbathandbeyond.com and our mobile app, where they can take advantage of digital services such as Same Day Delivery, curbside and in-store pickup, and free ship-to-home for purchases $39 or more.”
Shoppers ‘sad’ as retailers go under loss
Bed Bath & Beyond has been a favorite among its customers for years and many have expressed their disappointment about the brand reportedly preparing to file for bankruptcy while shutting hundreds of its stores permanently.
“Sad to see a good retail brand go down this way,” wrote one Twitter user in reaction to 87 more stores being closed.
Another added: “It’s sad they fell under bankruptcy and it’s a shame. Bed, Bath & Beyond was a popular store for quite a few years and I liked this store myself in my city. My city is one of the cities that’s on the closing list for the store.”
“You might want to use the Bed, Bath and Beyond Gift card you got for Christmas/Hanukkah this week. Just saying,” said one as more stores are being added to the closure list.
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