Retailer Bed Bath & Beyond, which had been working to turn around its brick and mortar business with a plan that includes closing some retail locations and raising new financing, has identified stores in Fairfield and the Hudson Valley as among those to be closed by the end of the year.
A turnaround plan unveiled last month by the chain included closing 150 of its lower-producing stores nationwide but the plan as announced did not identify which stores would be involved. Bed Bath & Beyond now has named 56 stores to be closed by the end of the year.
Among them are the stores at: 500 East Sandford Blvd. in Mount Vernon; 470 Route 211 East in the Orange Plaza in Middletown in Orange County; and 2275 Summer St. in the Ridgeway Shopping Center in Stamford.
In the first quarter of 2020, the chain had reported having more than 1,470 stores while in the first quarter of this year the number had declined to about 950.
In a filing this month with the Securities and Exchange Commission, the company reported details of a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and Sixth Street Specialty Lending, Inc., for an asset-based revolving credit facility with commitments of up to $1.3 billion.
Bed Bath & Beyond had said it was planning to reduce its work force by about 20%. It also said, “The company’s teams are working closely with supplier and vendor partners to ensure customers have access to a strong assortment of their favorite brands across both store and digital channels.”
Sue Gove, interim CEO of the company, had said, “We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns. In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers’ favorite brands and exciting products.”
