Bed Bath & Beyond closing more stores, all Harmon locations
Bed Bath & Beyond Inc. is closing more stores, including all of its Harmon beauty shops, after defaulting on its debt while not yet filing for bankruptcy.
Driving the news: The company confirmed to Axios on Monday that it is closing another 87 Bed Bath & Beyond stores and five buybuy Baby locations in addition to the 50 Harmon stores and the 120-plus closing stores it previously announced.
- “This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores,” the retailer said in a statement to Axios.
- A list of the stores affected by the new round of closings dated Jan. 30 was posted on the company's website Tuesday.
Why it matters: The company is more likely to end in liquidation if it doesn’t find a buyer or have a stalking horse bidder in place, Axios’ Richard Collings reports.
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 in early January that it faces "substantial doubt" about its ability to continue operating on its own.
Bed Bath & Beyond 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.
- Florida will lose the most with 11 stores, followed by California’s 10 closures and eight in New York.
Flashback: In September, the company announced 56 Bed Bath & Beyond stores would close.
- On Jan. 10, the company posted a list with 62 Bed Bath closures, six buybuy Baby and two Harmon stores. The original closings announced in September were also on the list.
How long the liquidation sales are expected to last was not immediately available and can vary by location.
- The company has said with past closing rounds that customers in its loyalty programs could "earn and redeem Welcome Rewards, Welcome Rewards+ and Beyond+ rewards” at closing stores.
Editor's note: This story was updated with more information on the store closings.
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