2 down, 1 to go: Bed Bath and Beyond moving ahead with Valley store closures

Jan 10, 2023, 8:00 PM
Bed Bath & Beyond sales slid to $1.26 billion from $1.88 billion for the three months ending Nov. 2...
Bed Bath & Beyond sales slid to $1.26 billion from $1.88 billion for the three months ending Nov. 26, 2022. (AP Photo/Paul Sakuma, File)

(AP Photo/Paul Sakuma, File)

PHOENIX — Bed Bath & Beyond is on track to close 150 stores during the current fiscal year, including three in metro Phoenix, the struggling retailer announced Tuesday.

Two of the Valley stores already are shut, while the the Queen Creek Marketplace location at Ellsworth and Rittenhouse roads is on the chopping block.

No closing date has been announced for the Queen Creek store, but the home goods company’s fiscal year ends in February.

When that one is gone, the Phoenix area will have 10 remaining Bed Bath & Beyond options.

Stores at Power and McKellips roads in Mesa and Phoenix’s Tramonto Marketplace at Interstate 17 and Carefree Highway previously met their fate during the current round of cuts.

Bed Bath & Beyond announced in August that it would close stores and lay off workers in a bid to turn around its business. It announced it would close about 150 of its namesake stores and slash its workforce by 20%.

Tuesday’s update on store closures was part of the retailer’s latest quarterly sales report.

With sales falling by a third during the third quarter, which ended Nov. 26, 2022, the company said it will slash an additional $80 million to $100 million, including an unspecified number of layoffs.

Last week, Bed Bath & Beyond cautioned that it may need to file for bankruptcy protection as it struggles to attract shoppers. It then said that it’s considering options including selling assets or restructuring its business in bankruptcy court. But the chain acknowledged that even those efforts may not be successful.

President and CEO Sue Gove said in a statement Tuesday that the company is working on adjusting its merchandise and strategy, which has moved away from shoppers’ preferences.

“We want our customers to know that we hear them and are charging ahead every day to meet their needs,” she said.

The Associated Press contributed to this report.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

A rain cloud hangs over Lake Powell on June 24, 2021 in Page, Arizona. As severe drought grips part...
Alex Weiner

Recent precipitation aids Arizona’s short-term drought, long-term issues persist

Arizona has experienced more rain and snow than normal this winter, which weather experts say has improved the state's short-term drought. 
15 hours ago
The Colorado River flows by the historic Navajo Bridge on June 23, 2021 in Marble Canyon, Arizona. ...
Associated Press

Emails reveal serious tensions in Colorado River talks

Competing priorities, outsized demands and the federal government's retreat from a threatened deadline stymied a deal last summer on how to drastically reduce water use from the parched Colorado River.
15 hours ago
(Silver Sky Development Photo)...

Developer plans new luxury home community in Paradise Valley

A local luxury home developer is planning to build a new community in Paradise Valley at the base of Mummy Mountain.
15 hours ago
(Facebook File Photo/Phoenix Police Department )...

Two Valley men killed in separate shootings on Saturday

Police are investigating two separate shootings that left two Valley men dead on Saturday.
15 hours ago
(Top Gun: Maverick Photo; The Fabelmans Photo)...

Valley Harkins Theatres to show best picture nominees in March

From March 3-12, the Harkins Best Picture Film Fest will give Valley movie-goers chances to see the 10 films up for best picture.
15 hours ago
(Pexels Photo)...

Scottsdale says it saved more than 38 million gallons of water in 2022

Scottsdale said it saved more than 38 million gallons of water in 2022 after focusing on conservation due to worsening drought conditions.
15 hours ago

Sponsored Articles

Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
(Desert Institute for Spine Care photo)...

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
2 down, 1 to go: Bed Bath and Beyond moving ahead with Valley store closures