As the struggling home decor and kitchenware store Bed Bath & Beyond tries to stay afloat, the retail giant has announced it is closing more stores nationwide, including a half-dozen in South Florida.
The additional 87 stores nationwide announced this week, plus another five buybuy Baby stores in three states, is in addition to the 150 closures Bed Bath & Beyond announced last year. USA Today reported that 30 states are impacted by the latest announcement, with Florida losing the most stores.
The South Florida locations, now having store-closure sales, are:
4631 N. University Drive in Coral Springs
20560 State Road 7 in West Boca
371 N. Congress Ave. in Boynton Beach
14824 S. Military Trail in Delray Beach
540 N. State Road 7 in Royal Palm Beach. A company-owned buybuy Baby store, which was next door, closed last month.
1460 W. 49th St. in Hialeah
In addition, a company-owned beauty store Harmon store will close in Jupiter.
Last month the retailer, which has warned it may need to file for bankruptcy protection, reported that net sales fell 33%, to $1.3 billion, during its latest quarter ending Nov. 26 compared with the same period a year ago. It lost $393 million during the quarter, a 42% increase from a year ago. CNN reported that the liquidation of inventory during the store closures nationwide can help to raise the cash it needs to help fund operations through a reorganization.
South Florida locations staying open include Davie, Fort Lauderdale, Aventura and Palm Beach Gardens.
A Bed Bath & Beyond spokesperson said Thursday that “store closing sales will commence and continue over the next few weeks and months.”
At the Coral Springs site on Thursday, store closing signs were blasted in every window. Signs said, “Everything on sale!” and “Nothing held back!”
The Wall Street Journal reported that the first two stores, originally called Bed ‘n Bath, opened in 1971.
By the mid-1980s, the company had 20 stores. They added more options to their inventory and officially changed the name to Bed Bath & Beyond in 1987.
Stores were designed with a “racetrack” floor plan that looped around the store so customers would walk by all the merchandise. A coupon offering 20% off any item became a signature part of the company’s brand identity.
The company stock (BBBY), which went public in 1992, hit a high of $80.82 in 2014. At Thursday’s market close, it was $3.33.
Lisa J. Huriash can be reached at lhuriash@sunsentinel.com. Follow on Twitter @LisaHuriash
