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