By Shereen Siewert
Wausau’s Bed Bath & Beyond appeared Monday on a list of planned store closures for the financially-troubled retailer, weeks after the company suggested potentially filing for bankruptcy protection.
The company announced 87 closings Monday, a list that includes the Rib Mountain location. In September, the company announced closures of another 150 stores and job cuts for a fifth of its corporate and logistics staff.
Bed, Bath & Beyond has seen fewer shoppers and declining sales in recent years. The company in early January issued a statement in which it “concluded that there is substantial doubt about the company’s ability to continue as a going concern.” At that time all financial options, including restructuring, selling assets or going through bankruptcy, remained on the table.
A Wisconsin Public Radio report from early January said Bed Bath & Beyond “faced a crisis after crisis in recent years: a rise and crash as a meme stock, a leadership shakeup, trouble with suppliers, a turnaround intended to improve upon a previous turnaround, store closures, job cuts, and the shocking news of its financial chief’s death.”
“Most notably, Bed Bath & Beyond missed out on the shopping boom that the pandemic brought to many home-goods sellers, as the company was in the middle of an overhaul that involved replacing big name brands with more private brands,” the WPR reporting read. “The new-brands turnaround strategy exacerbated the industry-wide supply chain crisis, leaving top products like KitchenAid mixers missing from Bed Bath’s shelves. Its website also lagged behind peers.”
Reuters on Tuesday reported the company could file for bankruptcy as early as this week and has lined up liquidators to close additional stores unless a last-minute buyer emerges.
