Bed Bath & Beyond was given a stay of execution in Texas as the retail chain only closed four stores in the state, reported the Dallas Morning News.
The New Jersey-based retail giant has been struggling since the COVID-19 pandemic. Shoppers have drifted toward competitors, such as Target, Walmart, and online retailer Amazon, as previously reported by The Dallas Express.
But the chain is still struggling and — while already experiencing staff cuts — said Tuesday it would close up to 150 stores nationwide by March.
Currently, the company has been on the brink of bankruptcy, with some news outlets, including the Wall Street Journal, even predicting that it would declare bankruptcy in a matter of weeks back in early January.
The four stores closed in Texas include Lake Worth, Harker Heights, Port Arthur, and Wichita Falls.
Last year, stores closed in Austin and Missouri City.
Texas has 58 Bed Bath & Beyond stores, including 16 in the Dallas-Fort Worth area.
California and Florida — the two states that have the largest Bed Bath & Beyond store counts in the country — experienced store closures much worse than other areas. Over 15 stores closed in California, and nine closed in Florida.
Bed Bath & Beyond submitted a filing on January 5 with the Securities and Exchange Commission, which said that the company had “substantial doubt about the company’s ability to continue” because of its finances.
Last week, Bed Bath & Beyond’s stock market shares plunged by nearly 30%, going down to $4 per share.
At the time, CEO Sue Gove asked for patience from investors, claiming that the company was working with a clear vision toward the future.
“Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress,” Gove said.
Gove replaced former CEO Mark Tritton, who was removed in June after a failed strategy to turn the company’s fortunes around.
Tritton later went to Target, where he became the chief merchandising officer for Target.
Whatever their issues are today, Bed Bath & Beyond has brought this on themselves. After Linens & Things closed up shop, BB&B jacked up their prices and totally screwed their customers. I cry no tears for them whatsoever. When BB&B closes down following their inevitable bankruptcy filing, the free market will respond either online or brick and mortar or both. Bring it on……..