Economic Insider

Bed Bath & Beyond Closes a Third of its Stores

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Bed Bath & Beyond announced that it would close more than 50 of its 150 stores nationwide. Despite the company’s efforts to stay afloat, the worsening economic conditions, coupled with the weakening purchasing power of the citizens, forced Bed Bath & Beyond to shut down a third of its facilities.

The company said it was essential to making a move as it currently struggles with financial problems. In addition, downsizing the workforce of the company could aid them in gaining stability amid their current fiscal woes. The massive layoff by Bed Bad & Beyond is projected to remove about 20% of its employees.

On the upside, Bed Bath & Beyond recently closed a $500-million deal to finance its planned operations now that the holiday season is just around the corner.

In a statement, the company said that while it is giving up several of its stores, it will continuously review its options so it can better serve the bulk of its customers.

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Problem after problem

The company has been on a rollercoaster ride lately. Following the major downturn of the company’s finances, Bed Bath & Beyond’s former Chief Financial Officer Gustavo Arnal jumped from a high-rise building in New York, killing himself and putting the spotlight on the company. Shares of the company went down by 20% after Arnal’s unfortunate demise.

Laura Crossen, the senior vice president of finance at Bed Bath & Beyond, was named interim CFO.

“[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,” said Berna Barshay, a retail analyst.

While the problems persist, Bed Bath & Beyond is hopeful that they could bounce back from the slump and re-emerge in the 2023 market stronger with the deal they recently acquired.

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Here is the list of stores that Bed Bad & Beyond decided to close down:

Arizona

  • Santa Cruz: 5225 South Calle
  • Phoenix: 34750 N. North Valley Parkway

California

  • 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

Connecticut

  • Stamford: Ridgeway Shopping Center, 2275 Summer Street
  • Waterford: 850 Hartford Turnpike

Florida

  • Sanford: 111 Towne Center Blvd.
  • Sawgrass: 12801 W. Sunrise Blvd., Anchor C

Georgia

  • Johns Creek: 2623 Peachtree Pkwy
  • Snelville: Presidential Market Center, 1905 Scenic Hwy Suite 5000

Illinois

  • 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

Iowa

  • Dubuque: 2475 N.W. Arterial
  • Waterloo: 1522 Flammang Drive

Louisiana

  • Bossier City: 2900 Meadow Creek Drive

Massachusetts

  • Dorchester: 8B Allstate Road, Suite 1
  • Milford: 230 Fortune Boulevard
  • Seekonk: 35 Highland Avenue

Michigan

  • 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

Minnesota

  • St. Cloud: 3959 Second Street South

New Jersey

  • Flanders: 30 International Drive, Suite 1
  • Manalapan: 13 Route 9
  • Paramus: 34 E Ridgewood Ave

New York

  • 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

Nevada

  • Sparks: 195 Los Altos Pkwy

North Carolina

  • Charlotte: The Arboretum, 3413 Pineville-Matthews Rd.

Ohio

  • Colerain: 3681 Stone Creek Blvd.
  • Perrysburg:10027 Fremont Pike
  • Princeton Road: Bridgewater Falls, 3451 Princeton Road
  • Sandusky: 4020 Milan Road, Unit #910

Oregon

  • Beaverton: 2780 SW Cedar Hills Blvd. Beaverton

Pennsylvania

  • Wynnewood: 70 E. Wynnewood Blvd.

Puerto Rico

  • Bayamon Plaza Del Sol, 725 West Main Avenue Bayamon PR 00961

Texas

  • Port Arthur: Central Mall 3100 Highway 365 Suite 114
  • Wichita Falls: 3201 Lawrence Road Suite A

Virginia

  • Christiansburg: 135 Shoppers Way NW
  • Leesburg: 532 Fort Evans Road

Washington

  • Lakewood: 5830 Lakewood Towne Center Blvd., S.W.

Source: CNN

Opinions expressed by Economic Insider contributors are their own.

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