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Bed Bath & Beyond store closures include six locations in Southern California – Orange County Register

Bed Bath & BeyondThe company’s decline continued Tuesday as it announced the closure of 126 of its 150 planned stores, including Valencia, Palmdale, Burbank, La Habra, Lakewood and Buena Park.

No timeline has been given as to when the store will close.

Additional stores in Laguna Nigel, Rancho Santa Margarita and Tustin closed last year. The closure is part of a plan to stabilize the company’s finances and turn around declining sales.

In August, the home goods retailer announced it would secure more than $500 million in new loans, close 150 stores and cut its workforce by 20%. The company said Tuesday it was on track to meet that goal, and hinted that bankruptcy would likely accompany the strategy.

Current February 26, 2022the company had about 32,000 employees.

Bed & Bath’s options under Section 11 include pursuing the sale of either baby clothing, accessory and furniture brands, or the entire company, as well as acquisitions from new or existing investors to help turn around the business. This includes seeking additional funding.

Apart from its namesake brand, the retailer had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values ​​or Face Values ​​banner at the end of the first quarter of fiscal year 2022. rice field.

We also opened five Buybu Baby stores in the three months to May 28th of last year.

Any path the company takes is likely to include the liquidation and layoffs of more stores, according to CEO Bob Phibs. retail doctora retail consulting firm based in New York.

“If they file for bankruptcy, they’ll get out of there even if they have to cut their store fleet in half to succeed,” he said. They look at where most of their online sales and store count come from, and they keep them.”

operated by the company Location of 708 Bed Bath & Beyond In the United States, including 69 in California, according to data aggregator ScrapeHero.

Bed Bath & Beyond launched its turnaround plan in the third quarter of fiscal 2022 but failed to gain enough traction, said president and CEO Sue Gove.

“Although we quickly and effectively changed our assortment and other merchandising and marketing strategies, limited inventory kept us from meeting our goals,” Gove said in a statement.

The retailer posted a net loss of approximately $393 million in the third quarter of the fiscal year. That’s worse than his $276.4 million loss booked the year before.

“Multiple avenues are under consideration, and we are making thorough and timely decisions on next steps,” Gove said.

Revenue for the three months ended November 26 was $1.26 billion, down 33% from $1.88 billion in the same period last year. Also, sales at stores he’s been open for at least a year — a key indicator of a retailer’s health — fell by 32%.

Phibs said the company’s momentum began to wane in 2019 when former Target’s chief merchandising officer Mark Tritton took over as CEO.

“He stopped couponing and lost a lot of business,” says Phibbs. “Customers voted with their feet.”

In June 2022, the company announced the exit of Tritton, after which Gove took over.

The company’s recent quarterly results weren’t surprising given Bed Bath & Beyond’s update to last week’s results, but GlobalData’s managing director Neil Saunders said in a statement that it was still a bit of a shock, He said it would only add to concerns about the company’s performance. survival.

“A third of our revenue has been lost, and an already beleaguered company has been thrown into chaos,” he said.

Bloomberg contributed to this report.

https://www.ocregister.com/2023/01/10/bed-bath-beyond-store-closures-include-6-in-southern-california/ Bed Bath & Beyond store closures include six locations in Southern California – Orange County Register

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