![]() Shares of the retailer ended the day down 19.8% at $9.71. in Rochester and one at 21855 Towne Center Drive in Watertown, USA Today said. Here’s the full list Some of the 40 stores which are located in 19 states and Washington, D.C. Other Bed Bath and Beyond stores in New York set to close include three in New York City, one at 3349 Monroe Ave. will ease the pressure on the company, allowing it to continue trading," said Neil Saunders, GlobalData's managing director. 3 Bed Bath & Beyond stores in Illinois are among 40 closing nationwide. "We are broadly satisfied that the measures announced today. The company also estimates that comparable-store sales will drop 20% this year as it works through its transformation. Heres the list of the first 63 stores to shutter. To improve its finances, the retailer said it would cut back on selling, general and administrative expenses by $250 million this year versus last year and rein in capital spending. plans to close 200 stores or 21 of Bed Bath stores over the next two years. They are scattered across the U.S., from California and Nevada to Ohio and Florida. "They are running out of cash and desperately need to raise cash just to keep the business going," said Jim Dixon, equity sales trader at Mirabaud. Bed Bath & Beyond posted a list of 56 namesake locations it will close. The retailer also said it expanded an existing loan and received a new $375 million "first-in-last-out" loan, and would launch a stock offering of up to 12 million shares.Īrnal said that 50 to 60 stores will be closed in a "first wave" heading into the balance of Bed Bath & Beyond's fiscal year, which ends in February. "While there is much work ahead, our road map is clear and we're confident that the significant changes we've announced today will have a positive impact on our performance'" she said on a conference call. ![]() On Wednesday, Gove said the retailer was "continuing to see significant positive momentum" and intended to build its "deep heritage as a retailer." The company hired Sue Gove, an independent board director, to replace him on an interim basis. Part of those closures come as a result of. "As we have managed through our cash burn, we have seen changes in vendors we manage," said Chief Financial Officer Gustavo Arnal, adding that the company is managing the situation "one by one."įirst-quarter sales plunged 25% and it lost $358 million, leading to the firing of its Chief Executive Officer Mark Tritton in June. It was announced last summer that 200 Bed Bath & Beyond stores would close over a two-year span, which totals about 21 of the business's footprint. Suppliers will ask for more money up front or stop shipping goods if they believe retailers can no longer pay them. ![]() ![]() Top brass tried to reassure analysts that vendors were still supporting the company, a key indication of its long-term financial prospects. REUTERS/Andrew Kelly/File Photo Acquire Licensing Rights Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. ![]()
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