Closure of Bed Bath and Beyond stores in 2023
Bed Bath & Beyond Inc. is closing more stores, including all of its Harmon beauty salons, after defaulting on debt without yet filing for bankruptcy.
Driving the news: The company confirmed to Axios on Monday that it was closing another 87 Bed Bath & Beyond stores and five buy Baby stores in addition to the 50 Harmon stores and more than 120 store closures previously announced.
Why is this important: The company is more likely to end up in liquidation if it doesn’t find a buyer or doesn’t have a bidder in place, reports Richard Collings of Axios.
Threat level: Bed Bath & Beyond has been in distress for years, having failed to reinvent itself in the digital age despite efforts to declutter its stores and redo its coupon strategy, says Axios’ Nathan Bomey.
- The beleaguered retailer said in a public filing in early January that it faced “substantial doubt” about its ability to continue operating on its own.
Bed Bath & Beyond Closures 2023
By the numbers: At the end of November, the company had 949 stores, including 762 Bed Bath & Beyond stores, 137 buy Baby stores, and 50 stores under the Harmon, Harmon Face Values, or Face Values banners.
- 30 states will each lose at least one Bed Bath & Beyond store in the new round of closures.
- Florida will lose the most with 11 stores, followed by California’s 10 closures and eight in New York.
Rollback: In September, the company announced the closure of 56 Bed Bath & Beyond stores.
- On January 10, the company released a list with 62 Bed Bath closures, six buy Baby, and two Harmon stores. The original closures announced in September were also on the list.
How long are clearance sales expected to last was not immediately available and may vary by location.
- The company has said in past closing cycles that customers of its loyalty programs could “earn and redeem Welcome Rewards+ and Beyond+ rewards” when stores are closed.
Editor’s note: This story has been updated with more information on store closures.