Bed Bath and Beyond is closing another 87 stores as the struggling retailer barrels toward bankruptcy.
& Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. The retailer became known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings. Bed Bath grew its corporate footprint aggressively, peaking at 1,552 stores in 2017.
As of last February, the company had 953 stores left, and it has announced plans to close more than 200 additional stores since then. But few troubled retailers have turned around long-term problems through store closings alone. Closings not only reduce costs, they reduces sales. Still, for a cash-starved company, like Bed, Bath and Beyond, the liquidation of inventory can help to raise the cash it needs to help fund operations through a reorganization.
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