Bed Bath and Beyond is struggling to keep staff leaving before their store closes and has been forced to offer bonuses in a desperate bid to avoid bankruptcy.
The retail industry in Florida faces enormous challenges as chains continue to announce store closures. Major chains are closing their stores across the state as their customers move to online shopping.
Now they are facing another issue- staff quitting before the store closes.
Let's take a look at this developing story.
Bed Bath & Beyond stores in Florida closing in 2023
416 Bed Bath & Beyond-owned stores in the U.S. will close in 2023 due to financial issues. Twenty-one of these are in Florida.
- Sunrise: 12801 W. Sunrise Blvd., Anchor C
- Orlando: 5295 International Drive, Suite 100
- Oviedo: 1115 Vidina Place Suite 175
- Sanford: 111 Towne Center Blvd.
- Pompano Beach: Shoppers Haven, 3459 N. Federal Highway Space 16
- Sebring: 1748 US 27 N.
- Brooksville: 7187 Coastal Blvd
- Homestead: 2595 NE 10th Court
- Hialeah: 1460 W 49th St.
- Brandon: 320 Brandon Town Center Dr.
- Boca Raton: 20560 State Road 7
- Boynton Beach: 371 N. Congress Ave.
- Orlando: 397 North Alafaya Trail
- Coral Springs: 4631 North University Dr.
- Royal Palm Beach: 540 North State Road 7
- Jacksonville: 6001 24 Argyle Forest Blvd
- Jacksonville: 13221 City Station Drive, Suite 125
- Delray Beach: 14824 South Military Trail
- Apopka: 2239 East Semoran Blvd
- West: 1555 West New Haven Avenue
- Largo: 10500 Ulmerton Road, Suite 310
No closing date for the stores was announced, which has led to uncertainty for staff who will be losing their jobs.
There has been little incentive for staff to continue to work at one of the stores set to close, as Bed Bath & Beyond is not offering severance payments. Therefore staff in many stores quit before their store's liquidation process was complete.
To try and combat this move, Bed Bath and Beyond are now offering bonuses for staff who stay with the stores until they officially close for good.
The bonuses are reputed to be:
- $500 for hourly workers
- $1,000 for supervisors
- $1,750 for assistant managers
- $2,250 for store managers
One Bed Bath and Beyond employee told Insider:
"I don't think it was out of the goodness of their heart. They were losing a lot of people."
However, it remains to be seen whether these new bonus payments will be enough to incentivize staff to stay or if they will continue to quit to find new jobs. On Thursday, in a filing to the U.S. Securities Exchange Commission Thursday, the business admitted challenges with retaining store personnel posed a material risk to its business.
They are also seeking to raise $300 million through an at-the-market share offering and have warned that if the full amount isn't raised, it “will likely force us to file for bankruptcy protection,”
For the latest list of all stores closing in Florida, please check out this article. To keep up to date with the latest retail and business developments, make sure to follow me.
Should workers who lose their job due to store closures be given bonuses? Do you believe Bed Bath and Beyond made a wrong decision by not offering severance payments? Are you concerned about the number of retail stores closing in Florida? Should the government provide financial support for struggling retail businesses or laid-off workers? Should Florida Gov. DeSantis offer financial assistance?
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