Bed Bath & Beyond Closing 3 More MD Stores

Updated Tuesday at 4:44 p.m.

MARYLAND — Bed Bath & Beyond announced that it will close 87 more stores nationwide, including three locations in Maryland.

The retailer confirmed that it will shutter these locations in the Old Line State:

• Annapolis (200 Harker Place, Suite 200)
• Westminster (200 Clifton Blvd.)
• Ocean City (12641 Ocean Gateway, Suite 240)

Bed Bath & Beyond did not confirm the dates that each store will shut down.

"As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible," Bed Bath & Beyond told Patch in a Tuesday email. "This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores."

The chain said it will also close all 49 Harmon locations and five buybuy BABY stores. None of those sites are in Maryland.

A full list of the recently announced closures is posted here.

This updated list of affected stores came after the retailer previously announced in September and December 2022 that it was starting to close low-performing locations.

Earlier this month, Bed Bath & Beyond said that it will close its Bel Air store.

Related: Large Bel Air Store Closing In Coming Months

The closures announced Tuesday affect 30 states. Florida was the hardest hit with 11 closures.

The goal of the closures is to avoid bankruptcy, but Reuters reported Tuesday that Bed Bath & Beyond missed a loan payment and has not been paying its debts. Reuters said the chain could file for bankruptcy as early as this week.

In early January, the retailer announced that it 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 and 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 in a Jan. 5 statement issued to stakeholders. “These measures may not be successful.

Grove said in the memo that Bed Bath & Beyond has a “clear vision” for the future of the company.

She also said that long-term success would be based on refocusing on merchandising, 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.”

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