Baltimore, MD - Jan. 31, 2023 - Bed Bath & Beyond has announced the closure of 87 stores nationwide, including three locations in Maryland, as the retailer tries to avoid bankruptcy, according to the Pikesville Patch. The company is trying to manage its business as efficiently as possible and is closing low-performing stores.
The retailer confirmed that it will shutter locations in Annapolis, Westminster, and Ocean City.
The closures will also affect all 49 harmon locations and five buybuy BABY stores. Bed Bath & Beyond has missed a loan payment and has not been paying its debts, and Reuters reports that the chain could file for bankruptcy as early as this week. In Q3 2022, the retailer reported $1.26 billion in sales and a net loss of $385 million, including $100 million in impairment charges. The company is considering all strategic alternatives including restructuring, refinancing debt, seeking additional capital, selling assets, and obtaining relief under the U.S. Bankruptcy Code. The CEO says the company has a clear vision for the future and will focus on refocusing on merchandising, inventory, and operating more efficiently.