5 MI Bed Bath & Beyond Stores Shuttering As Part Of Mass Closings

MICHIGAN — Five Bed Bath & Beyond stores in Michigan, including four in the Metro Detroit area are among 56 stores nationwide the company is closing. The news comes as the company announced last month it planned to close 150 stores, cutting 20 percent of its workforce.

Bed Bath & Beyond is closing down its stores in Chesterfield, Farmington Hills, Northville, Walker and White Lake Township.

The closures will include "lower producing" banner namesake stores, and layoffs will be across corporate and supply chain staff, the company said in late August.

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Sluggish sales carried into the third quarter, the company said, with in-store sales dropping by 26 percent for the three-month period ending Aug. 27, compared with the same period in 2021 — the steepest drop in sales the chain had seen in years.

The company said it received $500 million in new financing to shore up its business model before the fourth-quarter holiday shopping season. Plans include returning national brands to store shelves, a strategy interim CEO Sue Gove said is intended to make the company once again "a preferred shopping destination."

"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," Gove said in a company news release. "The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns."