ARIZONA, January 12, 2023 -- The hard lesson of retail is that no store is safe from downturns in business, no matter how large or successful they may be. The past few months alone have been filled with notable examples of this, from the shuttering of all Sears Hometown stores—as well as its iconic parent company all but disappearing—to the potential impending bankruptcy of Party City. And now, Bed Bath & Beyond is entering another phase of its drawn-out decline as the struggling retailer says it's closing dozens more stores and liquidating inventories. Read on to see what could come next for the hard-up home goods purveyor.
Stores Closing
In the third quarter, Bed Bath Beyond said it initiated incremental cost reductions of roughly $80 million to $100 million "across corporate, including overhead expense and headcount." It didn't specify how many job cuts there would be.
The store-losing list is dominated by its Bed Bath & Beyond brand, but includes six Buy Buy Baby stores and two Harmon stores, which are both located in New Jersey, in Parsippany and Rockaway.
Despite the store's best efforts, it appears as though it's continuing to shutter more of its outposts. On Jan. 10, Bed Bath & Beyond released an updated list of more than 120 store closings, adding 62 new locations to the 56 it initially singled out in September, Axios reports. The changes will affect 30 states, with California topping the list with eight closures, Florida losing six locations, and Michigan losing five.
In terms of cities, the list includes closings in places such as: Chicago; Orlando, Florida; Ann Arbor, Michigan; Charlotte, North Carolina; Phoenix and Tucson, Arizona; Burbank, California; Princeton, New Jersey; Sandusky, Ohio; and Ithaca, New York.
The company now has 949 stores, including 762 Bed Bath & Beyond stores, 137 Buy Buy Baby stores and 50 Harmon stores. It closed six Bed Bath & Beyond stores in the third quarter.
In the case of Arizona five Bed, Bath & Beyond store closures and one Buy Buy Baby are on the roster:
- Bed Bath & Beyond, 9590 East 22nd Street, Tucson
- Bed Bath & Beyond, 5225 South Calle Santa Cruz, Tucson
- Buy Buy Baby, 7475 North La Cholla Blvd., Tucson
- Bed Bath & Beyond, 34750 N. North Valley Parkway, Phoenix
- Bed Bath & Beyond, 21258 South Ellsworth Loop Road, Queen Creek
- Bed Bath & Beyond, 2039 N. Power Road Mesa
See complete list of store closures here: Bed Bath & Beyond Store Closings