Buy Buy Baby, Christmas Tree Shops Add To Growing List Of 2023 Retail Closures
From major bankruptcies to cost-cutting measures, the list of store closings continues to grow, with the newest additions coming from Christmas Tree Shops and Buy Buy Baby.
Buy Buy Baby, a subsidiary of Bed Bath & Beyond, is planning to shut down after the brand didn't garner any bids in a bankruptcy auction, Bloomberg reported. The company's intellectual property was purchased, but the search for a buyer for the whole business has fallen flat.
Bed Bath & Beyond filed for bankruptcy in April and plans to close all 896 locations, including 120 Buy Buy Baby stores. The infant-focused brand was hailed last year as a more valuable part of Bed Bath & Beyond's portfolio than the parent brand.
Bed Bath & Beyond's brand name will still have an online presence after it was acquired by Overstock.com for $21.5M last month.
Late last week, Christmas Tree Shops revealed plans to close all of its remaining stores, which totaled more than 80, after filing for bankruptcy in May. The home goods retail chain had secured a $45M bankruptcy loan, but its creditors terminated the loan due to "worsening revenues and liquidity," The Wall Street Journal reported.
Planned 2023 store closures had already surpassed 2,200 as of this week, Insider reported.
Another chain closing down all locations is Dallas-based Tuesday Morning, which is closing 487 stores. The 49-year-old retailer filed for bankruptcy in February, marking its second bankruptcy in three years.
In addition to companies going through bankruptcy, others are closing stores in an effort to relocate and cut costs. Foot Locker plans to close 545 stores in response to declining profits, and Bath & Body Works is closing 50 mall-based stores but opening 90 standalone stores. Best Buy is closing 20 to 30 of its locations to make way for eight smaller-concept stores and 10 outlet locations.
The trend is one that other big-box retailers like Macy's, Kohl's and Nordstrom have also started to implement by moving away from large shopping malls and moving into smaller standalone stores or local shopping centers.
