Photo Credit: NBC
More than 50 of the 150 locations nationwide operated by Bed Bath & Beyond will be closing, the company revealed. Bed Bath & Beyond was forced to close one-third of its facilities in spite of its best attempts to stay afloat. This was due to the economy’s deterioration, accompanied by the residents’ declining spending power.
In light of its present financial difficulties, the corporation said that it was imperative to respond. The corporation may also be able to find stability during its current financial difficulties by reducing its employment. The company expects to lose 20% of its workforce due to the major layoffs.
The excellent news is that Bed Bath & Beyond just sealed a $500 million agreement to fund its anticipated operations now that the holiday shopping season is just around the corner.
The firm issued a statement explaining that, while closing down a few of its locations, it will continue evaluating its alternatives to serve most of its consumers better.
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The company faces many problems
Currently, the business is experiencing some peaks and troughs. Former Chief Financial Officer of Bed Bath & Beyond Gustavo Arnal committed suicide by jumping off a high-rise structure in New York after the firm’s finances took a serious fall, bringing attention to the company. Upon learning of Arnal’s tragic passing, business shares fell by 20%.
Interim CFO duties were given to Bed Bath & Beyond’s senior vice president of finance, Laura Crossen.
A retail analyst, Berna Barshay, said, “[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.”
Bed Bath & Beyond is optimistic that despite the ongoing issues, they will be able to overcome the current crisis and emerge in the 2023 market stronger thanks to the recent procurement of funding.
Read Also: Despite Changes in Administration, Bed Bath & Beyond is Confident it Will Make Past Through Hurdles
Bed Bath & Beyond decided to shutter the following stores:
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 Texas Today contributors are their own.
