Alabama losing another Bed, Bath & Beyond
Published 5:22 pm Wednesday, February 1, 2023
Troubled retailer Bed, Bath & Beyond has released another 87 store closings, and this list includes an Alabama location. The company plans to shutter the store on U.S. 90 in Daphne within the next few weeks as part of a nationwide plan to cut costs by closing under-performing locations.
There have been 150 store closures announced by the company since September of last year, bringing the list of open stores down to 753 remaining open after the latest round of closures from a peak of 1,550 stores.
It seems the company is quickly heading towards bankruptcy, as reported by multiple business publications. According to a Reuters report, the company could file this week and is actively seeking liquidation assistance or potential buyers. The report said timing isn’t certain as company leaders are still trying to negotiate large debt repayments, hoping to avoid bankruptcy. Reuters also reported the company missed a debt payment last month and could skip another payment this week in an attempt to conserve cash available for other obligations.
Bed, Bath & Beyond reported a loss of nearly $400 million in sales in the last quarter of 2022.