The company continues to struggle to avoid bankruptcy.
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: BedBathandBeyond.com and CNN.com.
Introduction
I write extensively about the beleaguered Bed Bath & Beyond chain for NewsBreak, a company that continues to struggle to remain in business. Of late, most of my articles have detailed company store closings, and this one is no exception.
My January 11th article, “List of 62 Additional Bed Bath & Beyond Stores in 30 States Announced Today as Permanently Closing,” is particularly relevant to this current piece due to detailing the most recent spate of company closures within the 150 permanent closings previously announced in phases.
As excerpted from the article: 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.
In the past 24 hours, however, word has come of a new company announcement regarding 87 upcoming store closures over and above the 150 previously announced.
Let us explore further.
Bed Bath & Beyond, 2023
According to a February 1st report from CNN.com, “Bed Bath and Beyond is Closing 87 More Stores. See the List,” the new cuts, to reiterate, are atop the 150 previously announced as forthcoming by February’s end.
As excerpted from the report: Included in the new list are 5 buybuy Baby locations and all 49 remaining Harmon Face Value stores, which sold cosmetics, plus several of the retailer’s flagship-brand stores across the country. “As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a Bed Bath and Beyond spokesperson told CNN. “This store fleet reduction expands the company’s ongoing closure program.”
The report went on to state: A company spokesperson also confirmed Wednesday night that it missed a bond payment on February 1, and that it entered a month-long grace period. Debtors will often have a 30-day grace period to make payments before they enter default.
As to the specific list of Bed Bath & Beyond store closures, they are included in the CNN.com report. I covered the closings of the Harmon locations yesterday on NewsBreak, which you can see here.
Conclusion
This is a developing story. In the event of pertinent updates to these matters, I will share them here on NewsBreak.
Thank you for reading.
Comments / 2