Bed, Bath & Beyond Closes 9 More Stores!

• Beaumont: 1642 E. 2nd Street Marketplace
• Carlsbad: 1905 Calle Barcelona, Suite 100*
• Chico: 2101 Martin Luther King Parkway
• Culver City: 10822 Jefferson Boulevard*
• Downey: Downey Landing Shopping Center
• Elk Grove: 9145 W. Stockton Boulevard
• Folsom: 2385 Iron Point Road*
• Glendora: 1405 East Gladstone Street*
• Hawthorne: 14351 Hindry Avenue
• Los Angeles: 10561 West Pico Boulevard (Harmon Store)*
• Palm Desert: 72459 Highway 111*
• Pasadena: 3609 E Foothill Boulevard (Harmon Store)*
• San Diego: 10537 4S Commons Drive, Suite 170*
• San Francisco: 555 9th Street
• San Luis Obispo: 317 Madonna Road
• San Marcos: 165 S. Las Posas Road*
• Santa Ana: 3900 South Bristol Street
• Upland: 1865 North Campus Avenue, Building #15*
• Vacaville: 128 Browns Valley Parkway
• Visalia: 3125 South Mooney Boulevard*
• Yorba Linda: 23041 Savi Ranch Parkway

The stores are expected to close within the next few months,
with liquidation sales possibly starting soon.

Bed Bath & Beyond officials say they took stock of the chain’s inventory of stores and shuttered the locations considered to be the most low-performing, according to a statement put out by the company.
–While the goal of the store closures is to avoid bankruptcy, Reuters reported on Tuesday that Bed, Bath & Beyond was exploring “multiple paths” toward staying in business.
–Reuters also noted that the retailer missed a loan payment and has not been paying its debts this week as January comes to a close.
-The company could file for bankruptcy as early as this week, Reuters reported.

In early January, the chain anticipated net losses of $385 million in
the third quarter of 2022, including impairment charges of about $100 million. The losses compared to $285 million in losses in the same
period in 2021.

The company reported $1.26 billion in sales for the third quarter of 2022, compared to $1.88 billion for the same time frame in 2021, Bed Bath & Beyond officials said.

“The company continues to consider all strategic alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code,” Sue Grove, the president, and CEO of the company said on Jan. 5 in a statement issued to stakeholders. “These measures may not be successful.”

Grove said in the memo that the company has a “clear vision” for the future of the company but noted that long-term success would be based on refocusing on merchandising and inventory and operating more efficiently.

“Strengthening our ability to serve our customers will continue to drive our decision-making,” Grove wrote. “We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference. We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals.”

For those of us who love shopping at Bed Bath & Beyond, this will encourage
shopping the Bed Bath & Beyond online store.