Photo Credit: NBC
More than 50 of Bed Bath & Beyond’s 150 locations around the country will be closing. Despite the business’s best attempts to survive, Bed Bath & Beyond was forced to close a third of its facilities due to the economy’s deterioration and the residents’ declining spending power.
The business said that it was imperative to act due to its present financial difficulties. Additionally, reducing the company’s employment might help them find stability in their present financial difficulties. About 20% of Bed Bad & Beyond’s workforce will be lost as a result of the extensive layoffs.
The good news is that Bed Bath & Beyond recently secured a $500 million agreement to finance its anticipated operations as the holiday shopping season approaches.
The firm stated that while closing down a number of its locations, it will constantly evaluate its alternatives to serve the majority of its consumers best.
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Many problems affecting the company
The business has recently had some ups and downs. First, former Chief Financial Officer of Bed Bath & Beyond Gustavo Arnal killed himself by jumping from a high-rise building in New York following the significant decline in the firm’s finances. This brought attention to the company. After Arnal’s tragic passing, business shares fell by 20%.
Bed Bath & Beyond’s senior vice president of finance, Laura Crossen, has been appointed as acting 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,” stated Berna Barshay, a retail analyst.
Bed Bath & Beyond is optimistic that, despite the issues, they will overcome the dip and emerge from it stronger in the 2023 market thanks to the recent acquisition.
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The list of stores that Bed Bath & Beyond chose to shutter is as follows:
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 US Insider contributors are their own.
