Bed Bath & Beyond is shuttering 150 “low-producing” stores across the country, including one in Raleigh.
The North Raleigh location at 9521 Strickland Road — in the Six Forks Station shopping center — will shut its doors, leaving the Triangle with only four locations: one by Triangle Town Center in Raleigh, along with locations in Durham, Cary and Holly Springs. The company previously closed a Raleigh store off Glenwood Avenue in 2020.
The new list of closures includes another four sites across the state, including Burlington, Greenville, Gastonia and Hickory. The purge comes just a week after the home goods retailer announced it was closing 87 stores, including ones in Wilson and Charlotte, as part of a last-ditch effort to avoid bankruptcy.
After shedding the stores, the New Jersey-based company will be left with about 360 flagship stores and 120 buybuy BABY stores. That’s roughly half the size of its brick-and-mortar presence a year ago.
“We’ve been conducting a comprehensive, store-by-store analysis of our portfolio,” the company said in a statement to The N&O on Thursday. “This target store base includes the company’s most profitable locations and best geographic presence for customers.”
The company declined to comment if further closings are planned for the region.
Founded in 1971, Bed Bath & Beyond has been a favorite chain for bedding, cookware, bathroom items and fixtures for decades. At its peak in 2017, the brand had 1,552 stores open.
But in the wake of the pandemic and plunging sales, it has struggled to bounce back. This week, the retailer, which defaulted on a loan to JPMorgan last week, staved off bankruptcy by raising around $1 billion from a preferred stock sale.
The two-pronged sale included $225 million convertible preferred shares and a further $800 million in warrants linked to the newly issued stock. The Wall Street Journal reported Tuesday that investors are prepared to back the first phase of the sale, with support for the remaining capital raise emerging “over time.”
This story was originally published February 9, 2023, 12:00 AM.
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