Bed Bath & Beyond retailer closures proceed throughout the nation. Photo: Kelly Tyko/Axios
Bed Bath & Beyond Inc. is closing extra shops, together with all of its Harmon magnificence outlets, after defaulting on its debt whereas not but filing for bankruptcy.
Driving the information: The firm confirmed to Axios on Monday that it’s closing one other 87 Bed Bath & Beyond shops and 5 buybuy Baby areas along with the 50 Harmon shops and the 120-plus closing shops it beforehand announced.
- “This retailer fleet discount expands the Company’s ongoing closure program of roughly 150 lower-producing Bed Bath & Beyond banner shops,” the retailer mentioned in an announcement to Axios.
- An inventory of the shops affected by the brand new round of closings was not instantly obtainable Monday.
Why it issues: The company is more likely to end in liquidation if it doesn’t discover a purchaser or have a stalking horse bidder in place, Axios’ Richard Collings experiences.
Threat stage: Bed Bath & Beyond has been distressed for years, having didn’t reinvent itself within the digital age regardless of efforts to declutter its shops and remake its coupon technique, Axios’ Nathan Bomey explains.
- The beleaguered retailer mentioned in a public filing in early January that it faces “substantial doubt” about its capacity to proceed working by itself.
Bed Bath & Beyond closings 2023
By the numbers: As of late November, the corporate had 949 shops, together with 762 Bed Bath & Beyond shops, 137 buybuy Baby shops and 50 shops below the names Harmon, Harmon Face Values or Face Values.
- Earlier this month, the corporate posted a list with 62 Bed Bath closures, six buybuy Baby and two Harmon shops. The authentic closings announced in September have been additionally on the checklist.
How lengthy the liquidation gross sales are anticipated to final was not instantly obtainable and might range by location.
- The firm has mentioned with previous closing rounds that clients in its loyalty programs might “earn and redeem Welcome Rewards, Welcome Rewards+ and Beyond+ rewards” at closing shops.
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