Bed Bath & Beyond Announces It Is Closing 150 Stores Across The Country
By Bill Galluccio
August 31, 2022
Bed Bath & Beyond announced that it is planning to close 150 stores across the country and will lay off around 20% of its staff. The retailer is struggling to remain afloat as sales have plummeted. As of May, the company has 955 stores in the United States, including 135 Buybuy Baby stores and 51 Harmon or Face Values stores.
It is unclear which stores will be closed.
In a call with investors, the company said that same-store sales fell by 26% for the three-month period that ended on August 27, marking another quarter of declining sales.
In addition to the layoffs and closures, the retailer said it has secured over $500 million in new financing, including a newly expanded $1.13 billion asset-backed revolving credit facility and a new $375 million "first-in-last-out" facility.
Sue Gove, Director & Interim Chief Executive Officer, said that the company is getting back to basics as the new leadership tries to turn things around.
"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns. In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers' favorite brands and exciting products. We command a special presence in the Home and Baby markets, and we intend to fulfill our opportunity to be the category retailer of choice," she said in a statement.