Bed Bath & Beyond closing 62 stores, holding liquidation sales
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.
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