which bed bath and beyond stores are closing

Your CNN account Log in to your CNN account – CNN’s Nathaniel Meyersohn and Reuters contributed to this report The company lost 17% of its sales in 2020 and 14% in 2021. The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open. Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded. It’s also known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings.īut the company struggled to make the transition to online shopping and fend off larger chains such as Walmart and Target Shares of the retailer, which closed up 92% at $5.86 in a rollercoaster session Monday, were down 40% in in pre-market trading Tuesday.įounded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters.īed Bath and Beyond has been part of the meme stock phenomenon, with shares skyrocketing as much as 400% last year when activist investor and GameStop chairman Ryan Cohen took a stake and sought changes.

The chain has said in recent weeks that it had defaulted on a loan and may not be able to remain in business, raising concerns about its future. That means that the company will have announced plans to close nearly 500 of the stores it had just a year ago, and the new company will be about half of the size of the old one On Monday, the company said it appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.īed Bath & Beyond said Tuesday it will ultimately have 360 stores and 120 buybuyBaby stores. The company said Tuesday it raised some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. See the listĪ turnaround doesn’t look imminent: The embattled home goods chain forecasts first quarter sales to be down by 30% to 40% with “sequential, quarterly sales improvement thereafter” the filing said. Scott Olson/Getty Imagesīed Bath and Beyond is closing 87 more stores. The retailer's stock plummeted more that 20 percent today after it warned that it was running out of cash to meet expenses and is exploring its financial options which include bankruptcy. This article's cover image was used for illustrative purposes only.FOREST PARK, ILLINOIS - JANUARY 05: Customers shop at a Bed Bath & Beyond store on Januin Forest Park, Illinois. While many businesses are closing their doors for good, others have announced significant expansion plans for 2023 and beyond in Canada, including retailers like Dollarama and IKEA. It remains to be seen whether Bed Bath and Beyond will manage to recover from the losses it's experienced, but if it did close stores in Canada it would be one of several to do so in recent years.įollowing the COVID-19 pandemic and related lockdowns, many big-name brands have scaled back operations or shut down entirely in Canada. Owned brands that will be on the way out include Studio 3B, Haven and Wild Sage, while others like Simply Essential, Our Table, Nestwell, Squared Away and Everhome will be 'substantially reduced.' In stores, customers can expect the return of popular national brands, as well as 'new, emerging direct-to-consumer brands.'

It says customers will benefit from the changes being made at the company, as it moves to 'rebalance its assortment and improve inventory.' 'The Company continues to evaluate its portfolio and leases, in addition to staffing, to ensure alignment with customer demand and go-forward strategy,' reads Wednesday's notice. A response had not been received at the time of publication. Narcity reached out to the retailer for more details about the store closures and whether any Canadian locations will be impacted. It's not yet clear which stores are slated to close, although the company says it has already 'identified and commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores.' It's also predicting a 20% fall in sales this year. While the company has secured over US$500 million in financing, Bed Bath & Beyond says it's still expecting to record another quarter of negative cash flow in 2022. The New York Times reports that, as of February, the company had around 32,000 employees. Other staff layoffs related to the store closures are also to be expected. It also said it will close around 150 stores and slash several of its home goods' brands. On Wednesday, the retailer confirmed its plans to lay off around 20% of its corporate employees. There could be bad news on the horizon for fans of Bed Bath & Beyond in Canada! New reports suggest the retailer is closing over 100 of its stores and slashing brands in order to avoid bankruptcy.

Which bed bath and beyond stores are closing