Posted on 01/10/2023 1:25:38 PM PST by Red Badger
Bed Bath & Beyond confirmed Tuesday that it is closing more stores as it considers filing for bankruptcy protection.
Driving the news: The retailer, which also operates buybuy Baby stores and Harmon, released a list of 120-plus closing stores, which includes 62 new Bed Bath & Beyond closings and the 56 closing stores announced in September.
Six buybuy Baby and two Harmon stores were also included on the company's list and liquidation sales are underway.
The latest: Bed Bath & Beyond shares jumped about 20% Tuesday morning after the company's earnings call, Axios' Kimberly Chin and Richard Collings report, noting the company said it was on track to cut $500 million in costs.
Third-quarter net sales declined 33% to $1.26 billion over the prior year on $393 million in losses. Threat level: Bed Bath & Beyond has been distressed for years, having failed to reinvent itself in the digital age despite efforts to declutter its stores and remake its coupon strategy, Axios’ Nathan Bomey explains.
The beleaguered retailer said in a public filing last week that it faces "substantial doubt" about its ability to continue operating on its own.
Meanwhile, Placer.ai, a foot traffic analytics firm, found shopping visits were down 26.5% in December compared to December 2021.
The firm’s data found store visits were down every month over 2021 visits last year with March 2022 having the biggest drop with 32.2% fewer visits.
Flashback: In August 2022, the retailer, which also operates buybuy Baby stores and Harmon, announced it would close 150 Bed Bath & Beyond stores.
When will Bed Bath & Beyond stores close
Between the lines: Axios called select closing stores and many locations said they expected to close in March. Most stores no longer accept coupons or returns of merchandise.
Some stores from the September list are still open but expected to close by late January at the latest. Be smart: When shopping liquidation sales, compare prices to competitor stores to make sure you are getting a good deal.
How long the liquidation sales are expected to last was not immediately available and can vary by location. Remember, when sales are final, items can't be returned so check products closely. Bed Bath & Beyond store closings 2023
By the numbers: As of late November, the company had 949 stores, including 762 Bed Bath & Beyond stores, 137 buybuy Baby stores and 50 stores under the names Harmon, Harmon Face Values or Face Values.
30 states will each lose at least one Bed Bath & Beyond store in the new round of closings. California will lose the most with eight stores, Florida will lose six and Michigan will lose five more stores. The company included 56 stores that were announced in September on the new closing list. Yes, but: Some of the locations may already be closed. Check the store locator on the company website or call ahead.
Editor's note: This story was updated with additional information.
Crack Pipes and Beyond might be a better business model for a Biden USA.
Bed, bath and begone. That’s a good description for date night!
Go woke, broke and not missed. I love when nice things happen to ass clowns.
The fact they cannot publish their list in any kind of logical order suggests they might not have the acumen to run a chain of stores.
I think they were the first to cancel Lindell
The Death of Retail. It is not a natural death but caused. By government. Make retail employees non essential. Make shoplifting legal. Tax the heck out of sales and regulate the heck out of employees. And the companies don’t want to survive they are just trying to stay afloat long enough to fill their golden parachutes. They foolishly manage their business as if Twitter was their target market. Twitter doesn’t buy their products and it doesn’t pay as an advertising platform.
Aside: naming a store that sells products for newborns and small children Buy Buy Baby? I don’t get a good feeling from the implications.
BedBath and BK
As far as getting good deals from liquidation sales, they put all the good stuff on pallets and auctioned them so that when you go rushing in to get a coffee maker or toaster oven for 1/3 the price, all you will find is mismatched linens and Glade air freshener refills.
Don’t forget Gillette and proctor and gamble.
Or should that be Read! Read! ?
Bed, Bath, & Kaput, PedoJoe!
“they cannot publish their list in any kind of logical order”
In my younger days I crunched numbers for a conglomerate that owned a lot of retail outlets.
The spreadsheet had the most profitable store sorted on top with the least profitable (red for losses!) at the bottom.
They may have followed that sorting method as well.
We closed the bottom 5% of the list every year as routine policy.
I’d hate to be someone they owe money to. They’ll never see it.
I am heading over to Bed Bath & Beyond and buying me some My Pillows.
Oh wait....
If only they had decent pillows.
I stopped in our BB&B today, the first time in over a year. So many shelves were bare and those products in stock had limited inventory. The place had a bad pall over it.
It’s the last stop before Infinity.
Inflation bullet hits another victim Biden sending out more blind folds.
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