Bed Bath & Beyond announces another 150 store closures in move to avoid bankruptcy

Publish date: 2022-09-02

BED Bath & Beyond has made another move to avoid bankruptcy after crushing financial losses.

Bed Bath & Beyond announced it's closing an additional 150 stores with the hopes it will help turn the company around.

The company continues to reorganize as the retailer found a hedge fund to help dig its way out of $393million in net losses.

The company announced Tuesday it received initial gross proceeds of approximately $225million in the offering and expects to receive an additional $800million of gross proceeds in future installments.

Bed Bath & Beyond said the net proceeds from the transaction will be used immediately to repay outstanding loans.

The move takes bankruptcy off the table for now.

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In total, Bed Bath & Beyond reportedly has around $1.2billion in debt.

Bed Bath & Beyond’s money woes is also affecting its subsidiaries: Harmon Face Value and Buybuy Baby.

SHUTTERED LOCATIONS

It comes as the retailer originally announced plans to close at least 120 stores.

The restructuring means low-producing locations are closing in an effort to save money.

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Several of these stores closed in January, but others are slated to be shuttered by March.

Based on the list, California is losing eight locations,  Florida will lose six and Michigan will see five gone.

While exact dates have not been revealed, the stores set to close are:

Arizona

California

Colorado

Connecticut

Delaware

Florida

Georgia

Iowa

Idaho

Illinois

Indiana

Kansas

Kentucky

Louisiana

Massachusetts 

Maryland 

Michigan

Minnesota 

Missouri 

Mississippi 

Montana

North Carolina 

New Hampshire

New Jersey

Nevada

New York

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Puerto Rico

South Carolina 

Texas

Virginia

Washington 

Wisconsin 

No word on the additional stores which are now affected.

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See which book retailer with 600 locations is also closing multiple locations.

Plus, fans of this grocery store will have to find another option as several locations are closing.

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