in Brandon, FloridaĤ631 North University Dr. in Boynton Beach, Floridaģ20 Brandon Town Center Dr. ![]() in Visalia, Californiaġ605 Fall River Drive in Loveland, Coloradoġ6531 Washington Street in Thornton, ColoradoĢ260 Kings Highway in Fairfield, ConnecticutĨ35 Queen Street in Southington, Connecticutġ065 Silas Deane Highway in Weathersfield, ConnecticutĢ239 East Semoran Blvd in Apopka, FloridaĢ0560 State Road 7 in Boca Raton, Floridaģ71 North Congress Ave. Las Posas Road in San Marcos, Californiaġ865 North Campus Avenue, Building #15 in Upland, Californiaģ125 South Mooney Blvd. The company said that "at this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code."ħ2459 Highway 111 in Palm Desert, Californiaġ0537 4S Commons Drive, Suite 170 in San Diego, Californiaġ65 S. Last week, the company warned in a regulatory filing that it received a notice of default from its lender, JPMorgan Chase. Still, for a cash-starved company, like Bed, Bath and Beyond, the liquidation of inventory can help to raise the cash it needs to help fund operations through a reorganization. Closings not only reduce costs, they reduces sales. The company's total store square footage fell by 36% in the four fiscal years ending in February in 2022.īut few troubled retailers have turned around long-term problems through store closings alone. ![]() The closings not only reduced employee head count and salary expenses, but also the rent it pays. The retailer started making small trims in 2018 and, in the first year of the pandemic, started closing hundreds of stores, primarily its Bed, Bath and Beyond operations, and getting rid of some of its weaker brands, such as its Christmas Tree Shops.Īs of last February, the company had 953 stores left, and it has announced plans to close more than 200 additional stores since then. Bed Bath grew its corporate footprint aggressively, peaking at 1,552 stores in 2017.īut it struggled to make the transition to online shopping and to fend off larger chains like Walmart and Target. The retailer became known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings. RELATED: Bed Bath & Beyond says it can no longer pay its debtsįounded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. "This store fleet reduction expands the company's ongoing closure program." "As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible," a Bed Bath and Beyond spokesperson told CNN. ![]() Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which sold cosmetics, plus several of the retailer's flagship-brand stores across the country. These closures are in addition to the 150 closures Bed Bath and Beyond announced last August. The company's assessment came as its dismal performance continued through the holiday season.īed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy.
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