Show Video Ad Feedback Why Bed Bath & Beyond is in big trouble 00:58 - Source: CNN Business New York CNN Business — Bed Bath & Beyond revealed the locations of more than 50 of the 150 stores it’s planning to close, ranging from Arizona to Washington state. Customers shop inside a Bed, Bath & Beyond store in Los Angeles in June 2005. Kevork Djansezian/APBed Bath & Beyond's chaotic 90s beauty isn't for the internet age The downsize is part of the struggling retailer’s last-ditch effort to stabilize as it struggles in financial turmoil. Along with shuttering stores, the company said in August it will lay off about 20% of its corporate employees and cut some of its in-house home goods stores. It also secured a crucial $500 million in new financing as the holiday shopping season approaches. “All currently planned store closings have been announced, and we will continue to review our portfolio where it makes sense to profitably support our customers and business,” the company said in a statement. It’s a fraught time for the home-goods chain. Earlier this month, Gustavo Arnal, the retailer’s chief financial officer, jumped to his death from a New York City high rise. Arnal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a “pump and dump” scheme to artificially inflate the price of the company’s stock. Bed Bath & Beyond said in August that sales at stores open for at least one year plunged 26% during its latest quarter. So far, 56 retailers will close. Here’s where:
California
Connecticut
Florida
Georgia
Illinois
Iowa
Louisiana
Massachusetts
Michigan
Minnesota
New Jersey
New York
Nevada
North Carolina
Ohio
Oregon
Pennsylvania
Puerto Rico
Texas
Virginia
Washington
- CNN’s Brynn Gingras, Liam Reilly, Ramishah Maruf, Samantha Beech, Jordan Valinsky and Nathaniel Meyersohn contributed to this report What locations is Bed Bath and Beyond closing?California. 9918 Mission Gorge Road in Santee.. 1140 Hilltop Drive in Redding.. 75 Lakewood Center Mall in Lakewood.. 2601 Larkspur Landing Circle in Larkspur.. 39421 10th Street West in Palmdale.. 15555 East 14th Street, Suite 240 in San Leandro.. 201 East Magnolia Blvd in Burbank.. 117 General Stilwell Drive in Marina.. What is happening with Bed Bath and Beyond?The struggling home goods retailer said it will close about 150 namesake stores as it works to stabilize its finances and turn around declining sales. The company is also laying off employees and secured more than $500 million in new financing.
Is Bed Bath and Beyond in financial trouble?The rise of e-commerce and Bed Bath & Beyond's failure to truly compete with it has set the company on a long-term trend toward bankruptcy.
What companies are closing in 2022?6 Popular Retail Chains That Have Closed Dozens of Locations in.... Bed Bath & Beyond.. Amazon.. Rite Aid.. Sears.. Kmart.. |