Bed Bath & Beyond is Closing Stores in Iowa, Minnesota
The final days of 2022 featured some very dire predictions for Bed Bath & Beyond, as one Wall Street analyst predicted that the retail chain might not survive 2023.
Less than two weeks into the new year, Bed Bath & Beyond has announced more store closings.
Business Insider says 62 locations have now been added to a list of 56 store closures that were announced last September.
A trio of those stores scheduled to close are in Iowa and Minnesota.
- Waterloo: 1522 Flammang Drive
- Dubuque: 2475 N.W. Arterial
- St. Cloud: 3959 Second St. South
South Dakota's two Bed Bath & Beyond locations - at Empire East in Sioux Falls and Eglin Street in Rapid City - are both remaining open for now.
Bed Bath & Beyond has not revealed when the impacted stores would close, but the retailer did begin laying off employees Tuesday (January 10) in an attempt to cut costs as it considers filing for bankruptcy.
According to Statista, in 2020, there were Bed Bath & Beyond 1,500 locations in North America. That number dropped to 1,020 in 2021 and currently stands at 953.
In 2022, the store had 953 locations, – that's down from 1,500 stores in 2020, and 1,020 in 2021.
Sales are down 26% from 2021 and the company has lost $168 million during that time.
Bed Bath & Beyond's stock has also taken a beating, dropping 83 percent since the beginning of 2022.
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