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Bed Bath & Beyond will close in the coming weeks
N. sent a note on Monday saying that he heard that our Bed Bath & Beyond on Warren was closing in March or April, and sure enough it is on the list the company updated on Tuesday. They did not include a closing date in the PDF here, but my guess is within four to six weeks.
This is such a downer.
We had avoided the last few cuts of stores, but I guess we should have known: the place is a ghost town and N. said everything there is now 10 percent off.
You can see the full list by clicking on the announcement here.
The company is reducing the number of Bed Bath & Beyond to about 360, plus 120 buybuy BABY stores; at its peak in 2017, the company had 1,552 stores. The company is trying to avoid bankruptcy, and recently closed on a public offering to pay off some debt. Here’s part of the statement:
“The net proceeds from this transaction will be used immediately to repay outstanding borrowings under the Company’s credit facility, thereby fulfilling conditions set forth in an amendment to the credit facility waiving defaults thereunder that was entered into concurrently with the initial closing of the offering. The Company expects to reborrow loans under its amended credit facility to enable its strategic initiatives in fiscal 2023, which will be further supported by a realigned store footprint and cost structure.”
“The Company will continue to execute its customer-focused turnaround plans by optimizing its store footprint, investing in inventory, and pursuing infrastructure improvements. Specifically, the Company has initiated incremental store closures in its Bed Bath & Beyond banner with an ultimate operating goal of approximately 360 stores, in addition to approximately 120 buybuy BABY stores, across the U.S. In response to evolving shopping preferences today, this target store base includes the Company’s most profitable locations and best geographic presence for customers that can enable an optimal omni-experience. The digital channel is expected to rise to a higher proportion of sales with improved channel profitability.”
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This is a shame, but the fault lies partly with the Tribeca community. Nowadays everyone wants to buy things on the cheap from Amazon, and this is the result. Of course I would never expect anyone to shop exclusively there, but if people in the neighborhood had peppered this location with just a few purchases every once in a while, maybe it would have made the cut.
This is horrible. I feel like a kid in a candy store at BB&B. Wake up Tribeca, and support your local businesses!
What’s the status of the Barnes & Noble next door? Thanks.
I wouldn’t be very optimistic. Lot of folks browse, but very few buy – more like a test-drive for an online transaction.
The NY Times just published an article about how surprisingly well Barnes & Noble was doing since their restructure. In fact, they’re actually expanding in locations instead of consolidating:
https://www.nytimes.com/2023/01/28/opinion/barnes-noble-amazon-bookstore.html
Doesn’t mean anything about the specific Tribeca location, but it’s a good sign that this one might stick around.
Actually Barnes & Noble are ADDING more stores across the country with an increase of patrons to the store. Don’t count on this store closing.
what are they going to put now when this store closes like where are people going to buy
B & N a ghost town too. Wonder what replaces the two stores.
I’d feel like a vulture at close out sales. So I avoid them.
And their fellow that committed suicide, jumping out of a high-rise. So sad…never ever dreamed two years ago it would ever go out of business. It’s been bad all around since the last election.
They should put a Trader Joe’s there!
It would definitely make a great space for a Chuck E Cheese or a Dave & Buster’s or a bowling alley or an arcade. Something for the kids that TriBeCa doesn’t already have!
I shop at a bed bath and beyond/buybuy baby 1x a week at least. Now they closed 3 bbb near me and and the only buybuy baby its new closing,IM SOO UPSET! My fav stores
Disappointing news. I wish they’d fill these big spaces (even the palm space) with an indoor play space for children.
Yes!!
Get all those toddlers on scooters off the sidewalks!
With the 10% discount, will they still be accepting their 20% off coupons?
So sad. It’s my favorite store.