Bed Bath & Beyond poised to close 87 stores, including several in NYC

Bed Bath and Beyond is closing 87 more stores, including several in New York City , as the home-goods chain prepares to file for bankruptcy.

Unless a buyer swoops in at the last minute, the move could come as soon as this week, Reuters reported.

All 49 of the company’s Harmon Face Value stores and five Buy Buy Baby sites are also set to close.

“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a Bed Bath and Beyond spokesperson told CNN. “This store fleet reduction expands the company’s ongoing closure program.”

The retailer closed 150 stores last year, and the current crop would bring the total number of closings to 237.

New York City will lose three Bed Bath and Beyond flagship stores, one Buy Buy Baby and four Harmon stores. The Bed Bath and Beyond store on Third Avenue in Brooklyn, plus the Buy Buy Baby and Harmon stores at the same location, and the Gateway Drive flagship also in Brooklyn, are on the list. Another store will close in East Elmhurst, Queens.

The Bed Bath and Beyond store on Sixth Avenue in Chelsea will remain open, Timeout New York noted.

Three other Harmon stores will close in New York City, besides the Sunset Park location: the one at 675 Sixth Ave., and another at 2171 Broadway and the 245 Atlantic Ave. spot in Brooklyn.

North of the city, Bed Bath & Beyond will close in Elmsford, N.Y., Poughkeepsie and Saratoga Springs.

The rest of the closings are happening around the country.

Bed Bath & Beyond aired its dirty linens in a Securities and Exchange Commission filing last week. It said it had defaulted on its loans and did not have the means to pay. It announced on Jan. 10 that more layoffs were planned in addition to a spate last year.

The retailer has been paring operations and personnel since 2018, buffeted by the competing forces of discount retailers and, during the pandemic, decreased foot traffic.

With News Wire Services