Bed Bath & Beyond will reportedly shutter its 50 remaining Harmon stores in addition to 87 Bed Bath & Beyond locations and five buybuy BABY shops. Additionally, efforts to find a buyer ahead of its potential bankruptcy filing have reportedly stalled, people familiar with the matter told Bloomberg News.
The store closures are in addition to previously announced plans to close 150 underperforming Bed Bath & Beyond locations. Both announcements are part of the retailer’s ongoing program of closing lower-performing stores.
“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” said Bed Bath & Beyond in a statement.
Additionally, hurdles in finding a buyer could increase the chances of a Chapter 11 filing, but the sources noted that talks are ongoing and an interested party could still emerge. The retailer has reportedly been in talks with potential buyers that include Sycamore Partners and Authentic Brands Group. Bed Bath & Beyond has noted that “multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner,” according to a company spokesperson.
Bed Bath & Beyond also is under pressure due to defaulting on a $550 million loan from JPMorgan earlier in January 2023. The company is seeking a fresh lender that can offer the necessary capital to remain operational during its restructuring.