Large Bel Air Store Closing In Coming Months

BEL AIR, MD — One Maryland Bed Bath & Beyond store — located in Bel Air — is closing in early 2023 as the retail chain continues struggling to attract shoppers.

The company said Tuesday it plans to cut an additional $80 million to $100 million with an unspecified number of layoffs. It also said it’s considering selling assets or restructuring its business in bankruptcy court, but warned it may have to file for bankruptcy protection.

The Wall Street Journal reported on Tuesday that the retailer burned through $300 million in cash and assets in the fourth quarter of 2022 alone as Bed, Bath and Beyond's sales continue to flounder, prompting Tuesday's announcement. The Journal also reported the home goods company faces a large number of layoffs as locations continue to diminish.

The news comes after the struggling retailer in late August announced plans to close 150 stores nationwide and cut 20 percent of its workforce. No Maryland stores were publicly listed for closure then.

Bed Bath & Beyond has 13 stores in Maryland, including stores in Towson, Columbia, Bel Air, Annapolis, and Rockville. The Bel Air store is located at 559 Baltimore Pike.

In 2020, the retailer closed three Maryland stores in Gaithersburg, Hanover (Arundel Mills Mall) and Salisbury.

The stores are expected to close within the next few months, with liquidation sales possibly starting soon.

Related:

• These Maryland Retailers Struggling, May Close Locations In 2023
• Macy's To Close This Maryland Store In Early 2023

The chain has begun its latest round of layoffs, according to a memo sent to employees Tuesday that was obtained by CNBC. Bed Bath & Beyond has been working with advisors to stave off a bankruptcy filing while its financial position worsened, CNBC reported.

The company is approaching a potential bankruptcy, as its sales decline and losses grow. Store shelves have gotten barer as suppliers demand upfront payment, stop shipping goods or change other payment terms. Bed Bath & Beyond issued a “going concern” warning last week, saying it may run out of money to cover expenses, the network said.

Here are the other Bed Bath & Beyond stores in Maryland:

• Annapolis: 200 Harker Place, Suite 200
• California: 23415 Three Notch Road, Unit 9B
• Columbia: Snowden Square, 9021 Snowden River Parkway
• Frederick: Riverview Plaza, 5413 Urbana Pike
• Gambrills: 2382 Brandermill Boulevard, Suite 102
• Germantown: 12940 Middlebrook Road
• Hagerstown: 17716 Garland Groh Boulevard
• Ocean City: 12641 Ocean Gateway
• Rockville: Congressional North Shopping Center, 1519 Rockville Pike
• Towson: The Towson Place, 1238 Putty Hill Avenue, Suite 1
• Waldorf: 3270 Crain Highway
• Westminster: 200 Clifton Boulevard

Even before boutiques and malls were shut down by the coronavirus outbreak, traditional brick-and-mortar establishments saw a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.