Home goods retailer Bed Bath & Beyond is closing 87 more stores under that brand, along with all 50 Harmon beauty store locations and five Buy Buy Baby outlets.
The closures come in light of ongoing financial issues at the company. In a Thursday filing to the Securities and Exchange Commission, the company noted that it is considering all alternatives, including bankruptcy. It also listed other options to generate capital.
“The company is undertaking a number of actions in order to improve its financial position and stabilize its results of operations, including, but not limited to, cost cutting, lowering capital expenditures, and reducing its store footprint, including related distribution centers. … These measures may not be successful,” Bed Bath & Beyond noted in the filing.
Meanwhile, the company’s losses continue to mount. Over the three-month period that ended Nov. 26, Bed Bath & Beyond reported $3.9 million in losses. That same period saw 33% less revenue compared with the equivalent period in 2021. The company expressed doubts it can continue to function without the possibility of liquidation.
The announced closings Monday come on top 150 closures announced in August.
The Bed Bath & Beyond closures are happening across the country, whereas the Harmon closings primarily affect New York and New Jersey. Three Buy Buy Baby locations in New York are closing, along with one each in Texas and South Carolina.
• Brad Matthews can be reached at firstname.lastname@example.org.
Copyright © 2023 The Washington Times, LLC.
Please read our comment policy before commenting.