Even though it does not appear on an updated list of store closings issued by Bed Bath & Beyond on Jan. 10, the company’s retail store at 251 E. Main St. in Elmsford also apparently is being closed, the Business Journals learned.
Bed Bath & Beyond had announced that about 150 of its lower performing brick and mortar outlets would be closed as part of its efforts to improve prospects for profitability.
The company’s store closing list as updated on Jan. 10 included its stores at 500 E. Sandford Blvd. in Mt. Vernon, 1187 Ulster Ave in Kingston, 470 Rt. 221 E. in Middletown, N.Y., the Ridgway Shopping Center in Stamford, 2045 Dixwell Ave. in Hamden, and 850 Hartford Tpke. in Waterford. The Elmsford store did not appear on the list.
However, Bed Bath & Beyond has sent emails to customers of its Elmsford store advising that a “store closing sale (at) this location” is underway. It highlighted the store’s address in Elmsford against a red background. The email continued, “A store near you is closing. Save at least 20% off lowest ticketed prices. Visit the closing store near you for more discount details. Huge savings storewide.” The store closing and sale information for Elmsford was confirmed by a source within Bed Bath & Beyond.
In a filing with the Securities and Exchange Commission (SEC) on Jan. 26, Bed Bath & Beyond reported that net sales for the three months ended November 26, 2022 were $1.259 billion, a decrease of $618.8 million, or approximately 33.0%, compared with net sales of $1.878 billion for the three months ended November 27, 2021. Net sales for the nine months ended November 26, 2022 were $4.160 billion, a decrease of approximately 28.5% as compared with the nine months ended November 27, 2021.
The net loss for the nine months ended November 26, 2022 was $1.117 billion, compared with net loss of $400.5 million for the nine months ended November 27, 2021.
In the SEC filing, Bed Bath & Beyond stated, “We may not be successful in implementing our transformative plan and we are considering all strategic alternatives, including restructuring or refinancing of our debt, seeking additional debt or equity capital, reducing or delaying our business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code.”
As an active shopper of Bed Bath & Beyond, I am saddened to hear that this store will be closing. When you see bare shelves, you do know something is going down. Good bye dear friends. You will be missed!