12 More California Bed Bath & Beyond Stores To Close Amid Difficulties

CALIFORNIA — The beleaguered retailer Bed Bath & Beyond announced Tuesday that it would close 12 stores in California among 87 more closures nationwide to avoid bankruptcy. The news came on the heels of the business announcing plans to shutter 150 locations across the U.S. in the final quarter of 2022.

Bed Bath & Beyond shared the new list of closures, noting that the store locations were either closed or would be closing in the coming months. According to a list published by USA Today, the new Bed Bath & Beyond closures include the following California locations:

• 1905 Calle Barcelona Suite 100, Carlsbad
• 10822 Jefferson Blvd, Culver City
• 2385 Iron Point Rd, Folsom
• 1405 East Gladstone Street, Glendora
• 14351 Hindry Avenue, Hawthorne
• 10561 West Pico Blvd, Los Angeles (Harmon)
• 72459 Highway 111, Palm Desert
• 3609 E Foothill Blvd, Pasadena (Harmon)
• 10537 4s Commons Drive, Suite 170, San Diego
• 165 S. Las Posas Rd, San Marcos
• 1865 North Campus Avenue, Building #15, Upland
• 3125 South Mooney Blvd., Visalia

Tuesday's updated list of store closures came after the retailer previously announced in September and December that it would close low-performing stores.

Bed Bath & Beyond officials say they took stock of the chain's inventory of stores and shuttered the locations considered to be the most low-performing, according to a statement put out by the company. While the goal of the store closures is to avoid bankruptcy, Reuters reported on Tuesday that Bed, Bath & Beyond was exploring "multiple paths" toward staying in business. Reuters also noted that the retailer missed a loan payment and has not been paying its debts this week as January comes to a close. The company could file for bankruptcy as early as this week, Reutersreported.

In early January, the chain anticipated net losses of $385 million in the third quarter of 2022, including impairment charges of about $100 million. The losses compared to $285 million in losses in the same period in 2021.

The company reported $1.26 billion in sales for the third quarter of 2022, compared to $1.88 billion for the same time frame in 2021, Bed Bath & Beyond officials said.

"The company continues to consider all strategic alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company's business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code," Sue Grove, the president, and CEO of the company said on Jan. 5 in a statement issued to stakeholders. "These measures may not be successful."

Grove said in the memo that the company has a "clear vision" for the future of the company but noted that long-term success would be based on refocusing on merchandising and inventory and operating more efficiently.

"Strengthening our ability to serve our customers will continue to drive our decision-making," Grove wrote. "We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference. We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals."