Tuesday, September 27, 2022
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Bed Bath & Beyond releases list of stores slated for closing




Bed Bath & Beyond released a list Thursday of 56 locations across America that will soon be closing for good amid the company’s financial woes.

The list of to-be-closed stores comprises slightly more than a third of the 150 locations that eventually will be shuttered, according to plans announced earlier this year. The retailer has also announced plans to let go of 20% of its workforce to stay solvent.

Thursday’s first round of closings are geographically dispersed, hitting both seaboards as well as the Midwest, as indicated in a map of the list by CNBC.

Among the shuttered stores is the Bed Bath & Beyond location in Leesburg, Virginia. No other locations in the D.C. metropolitan area were affected in the first round of closures.

The company’s cash-flow woes have spiraled into supply problems for the store, which has found it harder to keep securing national brands for its locations.

“We will continue to review our portfolio where it makes sense to profitably support our customers and business,” Bed Bath & Beyond spokesperson Julie Strider told Bloomberg news agency.

The chain secured a $500 million loan in August to help improve its financial liquidity.

The company currently operates a total of 769 Bed Bath & Beyond locations as of the end of the first quarter of fiscal 2022.

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