Bed Bath and Beyond is closing 87 more stores. see the list

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CNN

Bed Bath and Beyond is closing another 87 stores as the struggling retailer heads toward bankruptcy.

These closures are in addition to the 150 closures that Bed Bath and Beyond announced last August. Included in the new list are 5 buybuy Baby locations and the remaining 49 Harmon Face Value stores, which sold cosmetics, plus several of the retailer’s flagship stores across the country.

“As we continue to work with our advisors to consider multiple pathways, we are taking actions to run our business as efficiently as possible,” a spokesperson for Bed Bath and Beyond told CNN. “This store fleet reduction expands the company’s ongoing closure program.”

A company spokesperson also confirmed late Wednesday that it missed a bonus payment on February 1 and entered a one-month grace period. Debtors will often have a 30-day grace period to make payments before they default.

“We are committed to updating all interested parties on our plans as they are developed and finalized,” the spokesperson said.

The spokesperson did not confirm the amount owed by Bed Bath and Beyond. However, the Wall Street Journal reported that Bed Bath and Beyond “paid no more than $28 million in three tranches of notes totaling approximately $1.2 billion due February 1.”

Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, cookware, and college dorm room furniture. The retailer became known for its ubiquitous blue 20% off coupons and cavernous stores with merchandise stacked to the ceiling. Bed Bath grew its corporate footprint aggressively, peaking at 1,552 stores in 2017.

But it had trouble transitioning to online shopping and holding its own against bigger chains like Walmart and Target. The retailer began making small decorations in 2018 and, in the first year of the pandemic, began closing hundreds of stores, primarily its Bed, Bath and Beyond operations, and divested some of its weaker brands, such as Christmas Tree Shops. .

As of last February, the company had 953 stores left and has announced plans to close more than 200 additional stores since then.

The closures not only reduced the number of employees and salary expenses, but also the rent you pay. Total company store square footage fell 36% in the four fiscal years ending February 2022.

But few struggling retailers have fixed long-term problems with store closures alone. Closings not only reduce costs, they also reduce sales. Still, for a cash-hungry company, like Bed, Bath and Beyond, liquidating inventory can help raise the cash it needs to help finance operations through a reorganization.

Last week, the company warned in a regulatory filing that it received a default notice from its lender, JPMorgan Chase. The company said that “at this time, the company does not have sufficient resources to pay the amounts of the credit lines and this will lead the company to consider all strategic alternatives, including the restructuring of its debt under the Bankruptcy Code. from USA.”

Bed Bath and Beyond stopped paying “about” January 13, according to the Securities and Exchange Commission filing. You may be forced to file for Chapter 11 bankruptcy reorganization because of your financial problems.

These are the locations that Bed Bath and Beyond plans to close in the coming weeks:

  • 6850 US Highway 90 Anchor D in Daphne, Alabama
  • 4122 McCain Blvd. in North Little Rock, Arkansas
  • 1834 South Signal Butte Road in Mesa, Arizona
  • 1905 Barcelona Street Suite 100 in Carlsbad, California
  • 10822 Jefferson Blvd. in Culver City, California
  • 2385 Iron Point Trail. in Folsom, California
  • 1405 East Gladstone Street in Glendora, California
  • 14351 Hindry Avenue in Hawthorne, California
  • 72459 Highway 111 in Palm Desert, California
  • 10537 4S Commons Drive, Suite 170 in San Diego, California
  • 165 S. Las Posas Road in San Marcos, California
  • 1865 North Campus Avenue, Building #15 in Upland, California
  • 3125 South Mooney Blvd. in Visalia, California
  • 1605 Fall River Drive in Loveland, Colorado
  • 16531 Washington Street in Thornton, Colorado
  • 20 Hazard Avenue in Enfield, Connecticut
  • 2260 Kings Highway in Fairfield, Connecticut
  • 835 Queen Street in Southington, Connecticut
  • 1065 Silas Deane Highway in Weathersfield, Connecticut
  • 2239 East Semoran Blvd in Apopka, Florida
  • 20560 State Road 7 in Boca Raton, Florida
  • 371 North Congress Ave. in Boynton Beach, Florida
  • 320 Brandon Town Center Dr. in Brandon, Florida
  • 4631 North University Dr. in Coral Springs, Florida
  • 14824 South Military Trail in Delray Beach, Florida
  • 1460 West 49th St. in Hialeah, Florida
  • 6001 24 Argyle Forest Blvd in Jacksonville, Florida
  • 3221 City Station Drive, Suite 125 in Jacksonville, Florida
  • 397 North Alafaya Trail in Orlando, Florida
  • 540 North State Road 7 in Royal Palm Beach, Florida
  • 1 Buckhead Loop in Atlanta, Georgia
  • 3615 South Federal Way in Boise, Idaho
  • 9650 South Ridgeland Avenue in Chicago Ridge, Illinois
  • 5786 Northwest Highway in Crystal Lake, Illinois
  • 215 Harlem Avenue in Forest Park, Illinois
  • 1584 South Randall Rd. in Geneva, Illinois
  • 3232 Lake Ave., Suite 125 in Wilmette, Illinois
  • 2515 Corridor Way Suite 5 in Coralville, Iowa
  • 15335 West 119th Street in Olathe, Kansas
  • 4350 Summit Plaza Drive in Louisville, Kentucky
  • 200 Harker Place Suite 200 in Annapolis, Maryland
  • 12641 Ocean Gateway Suite 240 in Ocean City, Maryland
  • 200 Clifton Blvd in Westminster, Maryland
  • 3 Abbott Park in Burlington, Massachusetts
  • 820 Providence Highway in Dedham, Massachusetts
  • 458 State Road, Rt 6, Suite 100 in North Dartmouth, Massachusetts
  • 665 Merrill Road in Pittsfield, Massachusetts
  • 600 South Street West, Suite 13 in Raynham, Massachusetts
  • 7961 Southtown Center in Bloomington, Minnesota
  • 10770 Sunset Hills Plaza in St. Louis, Missouri
  • 155 Boardwalk Blvd. in Bridgewater, NJ
  • 276 Route 202/31 in Flemington, New Jersey
  • 1160 Route 23 North in Kinnelon, New Jersey
  • 1121 Highway 34, Suite A in Matawan, New Jersey
  • 190 Hamilton Commons in Mays Landing, New Jersey
  • 8 Centerton Road in Mt. Laurel, New Jersey
  • 5131 Sunrise Highway in Bohemia, New York
  • 850 Third Avenue in Brooklyn, New York
  • 459 Gateway Drive in Brooklyn, New York
  • 72 15 25th Avenue in East Elmhurst, New York
  • 251 East Main Street in Elmsford, New York
  • 1490 Union Turnpike in New Hyde Park, New York
  • 2020 South Road, Suite 3 in Poughkeepsie, New York
  • 3064 Route 50 in Saratoga Springs, New York
  • 1455 East Lasalle Drive in Bismarck, North Dakota
  • 3750 Easton Market in Columbus, Ohio
  • 1700 Oxford Drive in Bethel Park, Pennsylvania
  • 3739 William Penn Highway in Monroeville, Pennsylvania
  • 1261 Knapp Road in North Wales, Pennsylvania
  • 160 Quinn Drive in Pittsburgh, Pennsylvania
  • 205 West Blackstock Road in Spartanburg, South Carolina
  • 5523 Highway 153, Suite 112 in Hixson, Tennessee
  • 870 South White Station Road in Memphis, Tennessee
  • 420 East FM 3040 Suite 300 in Lewisville, Texas
  • 6400 West Plano Parkway, Suite 125 in Plano, Texas
  • 2112 SW HK Dodgen Loop in Temple, Texas
  • 1678 West Redstone Center Drive in Park City, Utah
  • 1324 Greenbrier Parkway in Chesapeake, Virginia
  • 24670 Dulles Landing Dr Unit 150 in Dulles, Virginia
  • 12100 Fairfax Towne Center in Fairfax, Virginia
  • 6642 Loisdale Rd. in Springfield, Virginia
  • 4900 Monticello Ave, Suite 4 in Williamsburg, Virginia
  • 2540 South Pleasant Valley Road in Winchester, Virginia
  • 7809B Vancouver Plaza Dr #102 in Vancouver, Washington
  • 1630 West Poplar Street in Walla Walla, Washington
  • 395 Target Way in Morgantown, West Virginia
  • 3575 Rib Mountain Drive in Wausau, Wisconsin

– CNN’s Chris Isidore contributed to this report

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