After a Downturn, Bed Bath & Beyond Decides to Shut Some of its Facilities

Photo Credit: NBC

More than 50 of Bed Bath & Beyond’s 150 outlets will be shut, the company stated. Bed Bath & Beyond had to close a third of its facilities despite its best attempts to stay alive due to the deteriorating economic conditions and declining consumer confidence.

As it now faces financial difficulties, the corporation said adjusting was imperative. Additionally, the company’s employment reduction might help it stabilize amidst its financial difficulties. Bed Bad & Beyond’s major layoff is expected to result in the loss of 20% of its workforce.

On the bright side, Bed Bath & Beyond recently finalized a $500 million contract to fund its anticipated operations now that the holiday shopping season is quickly approaching.

While the firm is closing many of its locations, it claimed in a statement that it would constantly evaluate its choices to serve the majority of its clients best.

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Problems for the company

Recently, the firm has seen some highs and lows. First, Gustavo Arnal, the former chief financial officer of Bed Bath & Beyond, killed himself by diving from a high-rise building in New York after the business’s finances took a serious turn for the worst. This brought attention to the firm. Following Arnal’s sad passing, business shares fell by 20%.

The temporary CFO at Bed Bath & Beyond is Laura Crossen, senior vice president of finance.

Berna Barshay, a retail analyst, 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.”

Even though the issues still exist, Bed Bath & Beyond is hopeful that they can overcome the slump and emerge in the 2023 market stronger thanks to the recent deal.

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The following is a list of the stores that Bed Bath & Beyond has chosen to close:

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 Business News contributors are their own.

Anthony Gomez

Posted by Anthony Gomez

Anthony is a part-time professor and full-time entrepreneur. He loves writing and teaching people the ins and outs of business.

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