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Bed Bath & Beyond is Facing Bankruptcy; 150 Stores are Going to Close over The Next Few Months

The term “retail apocalypse” is currently being used to describe the closing of several large retail stores. CVS and Walgreen are starting to close some of their stores next week, particularly in Illinois, Texas, Vermont, and Washington D.C. Walmart are also closing multiple stores starting this month. Other retailers, including Macy’s and Big Lots, are planning to close multiple locations within the next few months.

Bed Bath & Beyond has been issuing a warning to close 150 stores in different locations. The company is also facing possible bankruptcy. They revealed in a Securities and Exchange Commission filing that said: “does not have sufficient resources to pay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.”

Bed Bath & Beyond to close 150 stores over the next few months.

Bed Bath & Beyond to close 150 stores over the next few months. (Photo: Chain Store Age)

The U.S. Sun reports that Bed Bath & Beyond has missed payments on its credit line with JPMorgan Chase & Co., which is worth $550 million. They also owe $375 million to their lender, Sixth Street. The loans were used to keep the company afloat. According to The U.S. Sun, the net sales for the company’s third quarter were about $1.26 billion, which is lower than $1.88 billion in sales at the same time in 2021.

Bed Bath & Beyond has already confirmed that around 150 stores are going to close, but the exact dates have not been revealed. The stores set to close include some of those located in Arizona, California, Connecticut, Florida, Illinois, Georgia, Iowa, Michigan, New York, and Pennsylvania.

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