Bed Bath & Beyond is closing all 54 of its Canada stores, according to court filings dated February 10, 2023.
Recently, Bed Bath & Beyond failed to file its 10-Q quarterly report on time, resulting in Nasdaq notifying the brand with a non-compliance warning. This was a tell-tale sign that the retailer could be under financial stress. Not long after, its Canadian operations were announced to be going out of business.
It is said that the COVID-19 pandemic greatly impacted Bed Bath & Beyond’s operations including supply chain disruptions and inflation, resulting in low inventory.
Bed Bath & Beyond Canada operations are no longer profitable. The company had a net loss of 99.5 million for the 9-month period ending November 26, 2022, according to the documents.
Not only may this be sad news to consumers, but more so to the company’s employees. According to the document as of January 31, 2023, there were 387 full-time employees and 1,038 part-time employees.
It’s not looking great for the US retail stores either. According to Business Insider, out of the 1000 stores nationwide, Bed Bath & Beyond has plans to keep just 360 locations open.
Bed Bath & Beyond’s parent company buybuy BABY is also closing its Canada locations.
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