Sioux Falls ‘Bed Bath and Beyond’ Store Escapes Latest Round of Closings
Sioux Falls Bed Bath and Beyond Stays Open For Now
On Thursday (Sept 15) Bed Bath and Beyond corporate management released a list of its stores that will be closing.
About 50 Bed Bath and Beyond (BBB) retail locations will be closed over the next few months. Two locations in Iowa (Dubuque and Waterloo) and one in Minnesota (St. Cloud) are so far affected.
The two South Dakota locations, in Sioux Falls and Rapid City, will remain open, escaping this round of closures.
According to CNBC, the company is closing its lower-performing stores as a part of a restructuring plan. BBB has suffered a decline in sales over the last couple of years.
ORIGINAL STORY 9/2/2022
After seeing a remodeling of the Sioux Falls Bed Bath & Beyond earlier this year shoppers were getting a good vibe that all was well with the home goods retailer. Now it seems not.
News reports indicate that Bed Bath & Beyond will close up to 150 stores and cut the number of employees by 20%.
What's that mean for South Dakota and Minnesota locations? In a release by the company, Sue Gove, Director & Interim Chief Executive Officer stated Bed Bath & Beyond has secured financing commitments for more than $500 million of new financing, including its newly expanded $1.13 billion asset-backed revolving credit facility ("ABL facility") and a new $375 million "first-in-last-out" facility ("FILO facility"). The commitments are subject to customary closing conditions. There is no guarantee that the closing conditions will be satisfied, however, the Company anticipates that the closing and funding of the loans will occur imminently.
Layoffs have begun to sweep through the company.
"The Company has identified and commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores. The Company continues to evaluate its portfolio and leases, in addition to staffing, to ensure alignment with customer demand and go-forward strategy."
The New Jersey-based retailer said Wednesday that slowing sales have carried into the most recent quarter and that same-store sales dropped 26% for the three-month period ending August. 27.
Bed Bath & Beyond has Sioux Falls and Rapid City stores in South Dakota. Minnesota currently has eight locations.
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