Bed Bath & Beyond store closures continue across the country. Photo: Kelly Tyko/Axios
Bed Bath & Beyond Inc. is closing more stores, including all Harmon beauty stores, after defaulting on its debt and yet to file for bankruptcy.
Driving the news: The company confirmed to Axios Monday that it will be closing an additional 87 Bed Bath & Beyond stores and five Buybuy Baby locations in addition to the 50 Harmon stores and the more than 120 closures previously announced.
Why it matters: The company is more likely to go into liquidation if it can’t find a buyer or stalking horse bidder, reports Axios’ Richard Collings.
Threat Level: Bed Bath & Beyond has been desperate for years, failing to reinvent itself in the digital age despite efforts to clean up its stores and revamp its coupon strategy, explains Axios’ Nathan Bomey.
- The ailing retailer said in a public filing in early January that it had “significant doubts” about its ability to continue its operations on its own.
Closure of Bed Bath & Beyond 2023
Using the numbers: At the end of November, the company had 949 stores, including 762 Bed Bath & Beyond stores, 137 Buybuy baby stores, and 50 stores under the Harmon, Harmon Face Values or Face Values name.
- 30 states will each lose at least one Bed Bath & Beyond business in the new round of shutdowns.
- 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 the closure of 56 Bed Bath & Beyond stores.
- On Jan. 10, the company released a list of 62 bedside bathroom closures, six Buybuy Baby stores, and two Harmon stores. The closures originally announced in September were also on the list.
How long the liquidation sale expected to last, was not immediately available and may vary by location.
- The company has said in past rounds of deals that customers in its loyalty programs could “earn and redeem Welcome Rewards, Welcome Rewards+ and Beyond+ Rewards” when they close stores.
Editor’s Note: This story has been updated with more information on the store closures.
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