As a result of the pending closure, the Plano Parkway Bed Bath & Beyond is having a storewide sale, and all products are 20%-30% off. A spokesperson with the store said that there is no closing date set.
The Bed Bath & Beyond at 801 W. 15th St. will remain open.
The 150 closures build upon 200 previously closed Bed Bath & Beyond stores that were considered “lower-producing," according to a filing with the Securities and Exchange Commission.
In a Feb. 7 news release, the retailer stated the closures are part of Bed Bath & Beyond’s “customer-focused turnaround plan,” which includes optimizing its store footprint, investing in inventory and pursuing infrastructure improvements.
Per the release, the company initiated incremental store closures with the goal of cutting down to 360 stores across the United States, down significantly from the 762 locations it had in November. Stores that are the “most profitable” and “best geographic presence for customers that can enable an optimal omni-experience” will remain open.
As part of its turnaround plan, Bed Bath & Beyond is also shutting down its subsidiary company Harmon—a beauty product store based in the northeast—and closing 11 locations of its other subsidiary company Buybuy Baby, including one location in Lewisville.
“For decades, Bed Bath & Beyond has set the pace across the sector, and we have commanded our position in retail through many different economic cycles and alongside a continuously evolving customer,” President and CEO Sue Gove said in the release. “We believe our concrete advantages in defining categories, offering broad and curated selections, and delivering for customers are compelling reasons why we will continue to command a formidable presence in the home and baby categories into the future.”
Despite its financial troubles, Bed Bath & Beyond has not filed for bankruptcy. In the release, the company announced a deal that will allow it to receive funding through a public stock offering. The company initially received $225 million from the deal and expects to receive an additional $800 million in future installments.
“This transformative transaction will provide runway to execute our turnaround plan,” Gove said in the release.
Editor's note: This story has been updated to include extra information.
