Bed, Bath & Beyond puts several CT locations on closings list amid bankruptcy concerns
WETHERSFIELD, CT (WFSB) - Several Bed, Bath & Beyond stores were slated to close in Connecticut amid the company’s bankruptcy concerns.
Monday, the company confirmed that the Wethersfield location was added to its list.
“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” Bed, Bath & Beyond said in a statement to Channel 3. “As such, Bed Bath & Beyond has decided to close the Wethersfield, CT location in the coming months. We previously shared this information with our valued associates. While the decision to close a store is always a difficult one, local customers can find their favorite products at our nearby locations in Manchester and Simsbury, as well as online at bedbathandbeyond.com and our mobile app, where they can take advantage of digital services such as Same Day Delivery, curbside and in-store pickup, and free ship-to-home for purchases $39 or more.
Other locations announced earlier this month were on Dixwell Avenue in Hamden, Hartford Turnpike in Waterford, and the Ridgeway Shopping Center on Summer Street in Stamford.
Channel 3 reported the Waterford and Stamford locations in September.
The retailer posted a dismal last quarter, which contained the holiday shopping rush.
It said that net sales fell 33 percent, to $1.3 billion, during its latest quarter that ended Nov. 26 compared with the same stretch a year ago. It lost $393 million during the quarter, a 42 percent increase from a year ago.
CNN reported that sales dropped in large part because Bed Bath & Beyond did not have enough stuff on shelves from suppliers. The company has been revamping its merchandise and eliminating some of its private brands in favor of name brands.
The retailer previously announced that it would close around 150 stores by the end of its 2022 fiscal year and cut costs by $500 million, which included the cutting of jobs.
Earlier this month, it said it would look to save $200 million more in costs by eliminating some corporate roles and adjusting its supply chain.
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