Additional closings are expected to be announced in the coming weeks.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: BedBath&Beyond.com and BusinessInsider.com.
Introduction
In recent months, I have written a series of articles about the beleaguered Bed Bath and Beyond chain for NewsBreak. The majority of those articles regarded permanent closings of individual locations. My previous two articles detailed possible bankruptcy plans as stated by the company.
In September of 2022, Bed Bath & Beyond announced the closure of 150 locations by the end of February of 2023 — which represents the conclusion of their 2022 fiscal year — as a key part of their turnaround plan. The specific 150 locations were to be announced in stages. 56 were initially made public. Today, dozens of new locations have been publicly identified as closing.
Let us explore further.
Bed Bath & Beyond, 2023
According to a January 10th report from BusinessInsider.com, entitled Bed Bath & Beyond is Closing Dozens of Stores in 2023 — See the Full List, the new stores announced as permanently shuttering are located throughout the country.
As excerpted from the report: The housewares retailer on Tuesday released an updated list of store closings, which includes 56 stores that were announced in September, plus 62 new Bed Bath & Beyond closures across the US. The company also said it would close two Harmon Face Values stores in New Jersey and six Buy Buy Baby locations in New Jersey, Illinois, Florida, Arizona, and Virginia. Axios reported that liquidation sales are already underway at those stores.
Executives held a “town hall” meeting yesterday to discuss the entity’s future. While many analysts expected a bankruptcy announcement as previously mentioned as a possibility by the company, that did not happen.
The report went on to state: While Bed Bath & Beyond didn't reveal when the stores would close, the retailer announced in its third-quarter earnings Tuesday that it's on track to complete roughly 150 store closures by the end of fiscal 2022, which typically closes at the end of February.
The list of new closures, together with the spate of closures as previously announced by the company in September, is included in the article.
Conclusion
This is a rapidly developing story.
In the event of pertinent updates to these matters, I will share them here on NewsBreak.
Thank you for reading.
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