More Closures At Bed Bath & Beyond
Bed Bath and Beyond is preparing to close 150 more locations across the country, but Bakersfield has been spared. The stores nearest to Bakersfield that will close are in Valencia to the south, and Visalia just north of us.
The home goods chain entered a Chapter 11 Bankruptcy after losing more than $225 million in just the last quarter alone.
Questions are flying about with people wondering if any of the stores will remain open, either under new ownership or some form of reorganization, but there is no official word on that from the company headquarters, which is also responsible for 120 Buy, Buy Baby outlets.
As for the stores that remain open, the company hopes to continue operating 360 stores nationwide, considerably fewer than the 1,000 formerly held.
The Corporation staved off a complete bankruptcy with a $225 million equity offering.
The shut down came in stages with Bed Bath and Beyond announcing the closure of 150 stores last August, 87 outlets on February 1st, and another 149 on February 9th.
-Tony Lee
