Following a substantial stock downturn and the suicide of its CFO, the company has announced the first 56 of 150 stores set to close this year.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: BedBathandBeyond.gcs-web.com, The New York Post, The Wall Street Journal, and KTLA.com.
I have written extensively on the beleaguered Bed Bath & Beyond chain for NewsBreak. My last article, entitled “Bed Bath & Beyond Closing Updates Following Suicide of CFO,” detailed repercussions of the company’s recent stock downturn and subsequent suicide of its 52-year-old CFO, Gustavo Arnal, as well as the announcement of 150 as-yet-identified store closures and resignations of several high-level executives.
Today, 56 of those stores have been identified, and are listed below.
As excerpted from the article: According to The New York Post, in its piece titled “Bed Bath & Beyond Faces Leadership Void After Gustavo Arnal’s Death, C-Suite Exodus: Expert,” the company’s business is at a crossroads: “The company is in crisis,” bankruptcy attorney Eric Snyder of Wilk Auslander told The Post on Monday. “Now that there is a vacancy for the CFO, the logical next step is to bring in a restructuring officer to either restructure the company with the creditor groups or sell the company through an organized bankruptcy process.” The retailer, which is trying to stave off bankruptcy, is expected to name Arnal’s successor before the markets open on Tuesday, according to a Wall Street Journal report, amid a leadership vacuum and potentially damaging litigation.
As 56 of the stated 150 locations to be closed this year were announced today, let us explore further.
List of Upcoming Bed Bath & Beyond Closings
The following is the complete September 15, 2022 list of 56 Bed Bath & Beyond location closings announced earlier today as closing this year.
The graphic is courtesy of BedBathandBeyond.gc-web.com, and has been media-purposed:
Today, KTLA.com’s feature article, “Bed Bath & Beyond Releases List of Stores Closing; 8 in California,” stated the following: As it continues to face financial uncertainty, home goods chain Bed Bath & Beyond is preparing to close 150 stores, including 8 in California, and cut its workforce by about 20%. The retailer has released a list identifying over one third of those stores set to close in the coming weeks. Bed Bath & Beyond announced its plans to close 150 namesake stores in August, with director and interim CEO Sue Grove calling it a “back to basics” philosophy aimed at allowing the company to focus on better serving customers and driving growth.
Time will determined the success of this strategic endeavor, as well as the long-term health of the company.
Today’s Bed Bath & Beyond news was expected, though for the first time a portion of the 150 locations previously announced as closing have been identified.
As ever, in the event of any updates, I will post them here on NewsBreak.
Thank you for reading.