More VA Bed Bath & Beyond Stores Slated To Close In 2023

VIRGINIA — Several Bed Bath & Beyond stores in Virginia are shutting down as part of mass closures throughout the company. The retailer announced three more closings in Virginia on Tuesday.

Bed Bath & Beyond stores in Lynchburg and Gainesville are slated to close in 2023. A Buy Buy Baby store, which is owned by the same company, is also set to close this year.

In September, Bed Bath & Beyond announced that it would close locations in Christiansburg and Leesburg.

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 & 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.

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

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 Virginia:

• Alexandria: 7690 Richmond Highway
• Charlottesville: 975A North Emmet Street
• Chesapeake: 1324 Greenbrier Parkway
• Dulles: 45575 Dulles Eastern Plaza
• Dulles: 24670 Dulles Landing, Unit 150
• Fairfax: 12100 Fairfax Towne Center
• Falls Church: 5810 Crossroads Center Way
• Fredericksburg: 3700 Plank Road
• Glen Allen: 10050 West Broad Street
• Harrisonburg: 283 Burgess Road
• Midlothian: 11609 Midlothian Turnpike
• Newport News: 12132A Jefferson Avenue
• Roanoke: 1421 Towne Square Boulevard Northwest
• Springfield: 6642 Loisdale Road
• Virginia Beach: 220 Constitution Drive
• Williamsburg: 4900 Monticello Avenue
• Winchester: 2540 South Pleasant Valley Road
• Woodbridge: 14101 Crossing Place

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.