Bed, Bath & Beyond Reveals Dozens Of The 150 Stores It Plans To Shut Down
Bed, Bath & Beyond has identified dozens of stores that it plans to close, revealing which properties and communities will feel the impact as the company works to recover from its financial turmoil.
The retailer posted a list of 56 of its namesake stores that will close across the U.S. including eight in California, six in Illinois, and five each in New York and Michigan, CNBC reported.
At the end of August, the retail giant announced it would close 150 of the "lower producing" stores but didn't give details on which specific stores would get the ax. The company also announced it would cut 20% of its workforce.
"We are working swiftly and diligently to strengthen our liquidity and secure our path for the future," Bed, Bath & Beyond interim CEO Sue Grove said in an Aug. 31 statement. "We have taken a thorough look at our business, and today, we are announcing immediate actions aimed to increase customer engagement, drive traffic, and recapture market share."
The closures and layoffs are a part of the company's efforts to stabilize its finances. Also in the Aug. 31 announcement, Bed, Bath & Beyond said it secured commitments for $500M in new financing to shore up its balance sheet.
In July, Bed, Bath & Beyond revealed on its first-quarter earnings call that its sales were down 25% from the previous year and the company's stock price plummeted, as Bisnow previously reported.
The company is scheduled to report its full second-quarter results later this month, but the past quarters have not been promising for the retail giant. In the three-month period ending May 28, the company reported a net loss of $358M and its total sales fell from 1.95B in 2021 to $1.46B.
Earlier this month, the company's former chief financial officer, Gustavo Arnal, died by suicide. The company appointed Chief Accounting Officer Laura Crossen to serve as interim financing chief following Arnal's death.
The company's board earlier this year ousted Mark Tritton, who became CEO in 2019 after leaving Target, and Chief Merchandising Officer Joe Hartsig.
The retailer hasn't yet revealed where the remainder of the 150 closures will occur. Most of the closures in recent years have been among the hundreds of stores with its namesake Bed, Bath & Beyond brand. The company also owns 135 Buybuy Baby store and 51 Harmon, Harmon Face Values or Face Values banners.
