Bed Bath and Beyond is closing 87 more stores, including 1 in Utah
Bed Bath & Beyond announced Wednesday that it will close 87 more stores nationwide, including one in Utah. (Andrew Kelly, Reuters)
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NEW YORK — Bed Bath and Beyond is closing 87 more stores, including one in Utah, as the struggling retailer heads toward bankruptcy.
These closings are in addition to the 150 Bed Bath and Beyond closures announced last August. Included in the new list are five buybuy Baby locations and all 49 remaining Harmon Face Value stores that sold cosmetics, plus some of the retailer’s flagship brand stores across the country.
“While we continue to work with our advisors to consider multiple avenues, we are implementing actions to manage our business as efficiently as possible,” a spokesperson for Bed Bath and Beyond told CNN. “This store fleet reduction extends the company’s ongoing program of closures.”
A company spokesman also confirmed Wednesday night that it missed a bond payment on Feb. 1 and that it entered a one-month grace period. Debtors will often have a 30-day grace period to make payments before entering default.
“We are committed to updating all stakeholders on our plans as they are developed and finalized,” the spokesperson said.
The spokesman did not confirm the amount owed to Bed Bath and Beyond. However, the Wall Street Journal reported that Bed Bath and Beyond “failed to pay more than $28 million in three installments of notes totaling approximately $1.2 billion due Feb. 1.”
Founded in 1971, Bed Bath & Beyond became a staple of affordable home decor, cookware and college dorm room furniture. The retailer became known for its ubiquitous blue 20% off coupons and cavernous stores with merchandise piled high to the ceiling. It grew its corporate footprint aggressively, peaking at 1,552 stores in 2017.
But it struggled to make the transition to online shopping and avoid bigger chains like Walmart and Target. The retailer began making small adjustments in 2018 and, in the first year of the pandemic, began closing hundreds of stores, mainly its Bed, Bath and Beyond operations, and shedding some of its weaker brands. , such as Christmas Tree Shops.
As of last February, the company had 953 stores remaining and has announced plans to close more than 200 additional stores since then.
The closings not only reduced the number of employees and salary expenses, but also the rent it pays. The company’s total store square footage fell 36% in the four fiscal years ending in February 2022.
But few troubled retailers have turned around long-term problems through store closures alone. Closures not only reduce costs, they reduce sales. However, for a cash-starved company like Bed, Bath and Beyond, liquidating inventory can help raise the cash it needs to help fund operations through a reorganization.
Last week, the company warned in a regulatory filing that it received a notice of default from its lender, JPMorgan Chase. The company said that “at this time, the company does not have sufficient resources to repay the amounts under the terms of the loan and this will prompt the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code “.
Bed Bath and Beyond failed “on or about” Jan. 13, according to the Securities and Exchange Commission filing. She may be forced to file for Chapter 11 bankruptcy reorganization due to her financial difficulties.
These are the locations that Bed Bath and Beyond plan to close in the coming weeks:
6850 US Highway 90 Anchor D in Daphne, Alabama4122 McCain Blvd. in North Little Rock, Arkansas1834 South Signal Butte Road in Mesa, Arizona1905 Calle Barcelona Suite 100 in Carlsbad, California10822 Jefferson Blvd. in Culver City, California2385 Iron Point Road. in Folsom, California1405 East Gladstone Street in Glendora, California14351 Hindry Avenue in Hawthorne, California72459 Highway 111 in Palm Desert, California10537 4S Commons Drive, Suite 170 in San Diego, California165 S. Las Posas Camping Road in California18 #15 in Upland, California3125 South Mooney Blvd. in Visalia, California1605 Fall River Drive in Loveland, Colorado16531 Washington Street in Thornton, Colorado20 Hazard Avenue in Enfield, Connecticut2260 Kings Highway in Fairfield, Connecticut835 Queen Street in Southington, Connecticut1065 Silas Deane Highway in Weathersfield2, Connecticut1065 Silas Deane Highway in Weathersfield2, Eastmord Road 7 in Boca Raton, Florida371 North Congress Ave in Boynton Beach, Florida320 Brandon Town Center Dr. in Brandon, Florida4631 North University Dr. in Coral Springs, Florida14824 South Military Trail in Delray Beach, Florida1460 West 49th St. in Hialeah, Florida6001 24 Argyle Forest Blvd in Jacksonville, Florida3221 City Station Drive, Suite 125 in Jacksonville, Florida397 North Alafaya Trail in Orlando, Florida540 North State Road 7 in Royal Palm Beach, Florida1 Buckhead Loop in Atlanta, Georgia3615 South Federal Way in Boise5 , Idaho96 Avenue in Chicago Ridge, Illinois5786 Northwest Highway in Crystal Lake, Illinois215 Harlem Avenue in Forest Park, Illinois1584 South Randall Rd. in Geneva, Illinois3232 Lake Ave., Suite 125 in Wilmette, Illinois2515 Corridor Way Suite 5 in Coralville, Iowa15335 West 119th Street in Olathe, Kansas4350 Summit Plaza Drive in Louisville, Kentuckyce Plaza Suite21020 City, Maryland200 Clifton Blvd in Westminster, Maryland3 Abbott Park in Burlington, Massachusetts820 Providence Highway in Dedham, Massachusetts458 State Road, Rt 6, Suite 100 in North Dartmouth, Massachusetts665 Merrill Road in Pittsfield, Massachusetts600 South Street West in Rayn1, Suite1 Southtown Center in Bloomington, Minnesota10770 Sunset Hills Plaza in St. Louis, Missouri155 Promenade Blvd. in Bridgewater, New Jersey276 Route 202/31 in Flemington, New Jersey1160 Route 23 North in Kinnelon, New Jersey1121 Highway 34, Suite A in Matawan, New Jersey190 Hamilton Commons in Mays Landing, New Jersey8 Centreton Road1 in Mt. Highway in Bohemia, New York850 Third Avenue in Brooklyn, New York459 Gateway Drive in Brooklyn, New York72 15 25th Avenue in East Elmhurst, New York251 East Main Street in Elmsford, New York1490 Union Turnpike in New Hyde Park, New York2020 South Road, Su 3 in Poughkeepsie, New York3064 50th Street in Saratoga Springs, New York1455 East Lasalle Drive in Bismarck, North Dakota3750 Easton Market in Columbus, Ohio1700 Oxford Drive in Bethel Park, Pennsylvania3739 in Pennsylvania3739 in Pennsylvania26 Highway 26 in Monroe, Pennsylvania10 in North Pennsylvania10 , North Street, Pennylvans10, at Monroe10, North Street, Pennylvans10, 3 in Poughkeepsie, North Dakota3750. Travel to Pittsburgh, Pennsylvania205 West Blackstock Road in Spartanburg, South Carolina5523 Highway 153, Suite 112 in Hixson, Tennessee870 South White Station Road in Memphis, Tennessee420 East FM 3040 Suite 300 in Lewisville, Texas6400 West Plano Parkway, Suite 125 in Plano, Texas2112 SW HK Dodgen Loop in Temple, Texas1678 West Redstone Center Drive in Park City, Utah1324 1324 Greenbrier Land70 in Dulles, Virginia12100 Fairfax Towne Center in Fairfax, Virginia6642 Loisdale Rd. in Springfield, Virginia4900 Monticello Ave, Suite 4 in Williamsburg, Virginia2540 South Pleasant Valley Road in Winchester, Virginia7809B Vancouver Plaza Dr #102 in Vancouver, Washington1630 West Poplar Street in Walla Walla, Washington395 Target Way in Morgantown7, West Drive3 , Wisconsin
Contributed by: Chris Isidore
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