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Bed Bath & Beyond announces more store closures

Bed Bath & Beyond
Posted at 9:33 AM, Feb 01, 2023

Bed Bath & Beyond is closing more stores than originally planned as the company attempts to avoid financial ruin.

The company's latest list of closures includes about 90 stores across the country.

"We continue our analysis of our store footprint based on a variety of factors, and together with our advisors, have identified additional Bed Bath & Beyond store closures that we will implement in a timely manner," Bed Bath & Beyond said in a statement.

The company is also closing all of its Harmon locations. They are mostly located in New York and New Jersey— with additional locations in California, Nevada and Florida.

Bed Bath & Beyond reportedly defaulted on loans prior to announcing the latest closures. Filing for bankruptcy does not appear to be out of the question.

"As we work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible," the company's statement says.

The retailer initiated a new merchandising and inventory strategy in the third quarter of 2022. However, Sue Gove, president and CEO of Bed Bath & Beyond Inc., said they did not achieve their goals.

The company reported that sales declined more than 30% compared to the third quarter of 2021.

Click here to see the full list of store closures