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Bed Bath & Beyond announced the closure of more than 50 of its 150 shops around the country. Despite the company’s efforts to stay afloat, the intensifying economic conditions, along with residents’ dwindling spending power, pushed Bed Bath & Beyond to close one-third of its facilities.
The firm stated that it was critical to making a move because it is now experiencing financial difficulties. Furthermore, decreasing the company’s employment might help them attain stability in the midst of their present financial hardship. Bed Bad & Beyond’s major layoff is expected to affect around 20% of its workforce.
On the flip side, Bed Bath & Beyond recently finalized a $500 million agreement to fund its planned activities as the holiday season approaches.
In a statement, the firm stated that, while it is closing many locations, it will continue to assess its alternatives to serve most of its clientele better.
Many problems faced by company
The corporation has recently been on a rollercoaster ride. Following the firm’s catastrophic financial slump, Bed Bath & Beyond’s former Chief Financial Officer Gustavo Arnal leaped from a high-rise building in New York, killing himself and drawing attention to the company. Following Arnal’s untimely death, the company’s stock dropped by 20%.
Laura Crossen, Bed Bath & Beyond’s senior vice president of finance, has been designated temporary CFO.
Retail analyst Berna Barshay said, “[Bed Bath & Beyond is] financially up against the wall, so it’s going to be harder to stay in stock from key vendors. If you’re Dyson and Keurig and you’re trying to maintain a halo over your brand, the last thing you want is discounting.”
While the issues linger, Bed Bath & Beyond is positive that they will be able to recover and emerge stronger in the 2023 market thanks to the recent acquisition of funds.
The list of stores that Bed Bath & Beyond chose to close is as follows:
- Santa Cruz: 5225 South Calle
- Phoenix: 34750 N. North Valley Parkway
- Burbank: 201 East Magnolia Blvd.
- Lakewood: 75 Lakewood Center Mall
- Larkspur: 2601 Larkspur Landing Circle
- Marina: 117 General Stilwell Drive
- Palmdale: 39421 10th Street
- Redding: 1140 Hilltop Drive
- San Leandro: 15555 East 14th Street, Suite 240 Seekonk
- Santee: 9918 Mission Gorge Road
- Stamford: Ridgeway Shopping Center, 2275 Summer Street
- Waterford: 850 Hartford Turnpike
- Sanford: 111 Towne Center Blvd.
- Sawgrass: 12801 W. Sunrise Blvd., Anchor C
- Johns Creek: 2623 Peachtree Pkwy
- Snelville: Presidential Market Center, 1905 Scenic Hwy Suite 5000
- Bourbonnais: 2056 North State Route 50
- Carbondale: University Mall, 1265 E. Main Street
- Fairview Heights: Fairview Center, 6611 N. Illinois
- Gurnee: 6132 Grand Ave., Gurnee Mills Mall
- Joliet: 2850 Plainfield Road
- Schaumberg: 915 East Golf Road
- Dubuque: 2475 N.W. Arterial
- Waterloo: 1522 Flammang Drive
- Bossier City: 2900 Meadow Creek Drive
- Dorchester: 8B Allstate Road, Suite 1
- Milford: 230 Fortune Boulevard
- Seekonk: 35 Highland Avenue
- Chesterfield Township: 50551 Waterside Drive
- Farmington Hills: 31075 Orchard Lake Road
- Northville: Northville Retail Center, 17223 Haggerty Rd.
- Walker: Green Ridge Square, 3410 Alpine Avenue NW
- White Lake: 9050 Highland Road
- St. Cloud: 3959 Second Street South
- Flanders: 30 International Drive, Suite 1
- Manalapan: 13 Route 9
- Paramus: 34 E Ridgewood Ave
- Farmingdale: 251 Airport Plaza Blvd.
- Middletown: 470 Route 211 East, Suite 3
- Mt. Vernon: 500 East Sandford Blvd.
- New Hartford: 4805 Commercial Drive
- Plattsburgh: 73 Centre Drive, Suite 100
- Sparks: 195 Los Altos Pkwy
- Charlotte: The Arboretum, 3413 Pineville-Matthews Rd.
- Colerain: 3681 Stone Creek Blvd.
- Perrysburg:10027 Fremont Pike
- Princeton Road: Bridgewater Falls, 3451 Princeton Road
- Sandusky: 4020 Milan Road, Unit #910
- Beaverton: 2780 SW Cedar Hills Blvd. Beaverton
- Wynnewood: 70 E. Wynnewood Blvd.
- Bayamon Plaza Del Sol, 725 West Main Avenue Bayamon PR 00961
- Port Arthur: Central Mall 3100 Highway 365 Suite 114
- Wichita Falls: 3201 Lawrence Road Suite A
- Christiansburg: 135 Shoppers Way NW
- Leesburg: 532 Fort Evans Road
- Lakewood: 5830 Lakewood Towne Center Blvd., S.W.
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