This Beloved Retail Chain Could Be Closing a Store Near You
There will be 60 stores closing by the end of the year, with 200 shuttering in the next two years.
The economy has taken a hard hit during the coronavirus pandemic, with a staggering number of Americans out of work, and century-old stores closing their doors for good. And the hits keep on coming, with more and more retail giants announcing that they will have to file for bankruptcy or drastically reduce their workforce. On Sept. 21, Bed Bath & Beyond listed the first 63 stores they will be closing, with many more to follow amid plans to shutter 200 stores.
Back in July, Bed Bath & Beyond—a popular retail chain with nearly 1,000 stores across the U.S.—announced that they would be closing 200 stores over the next two years, per USA Today. These closures will save the company between $250 and $350 million per year, president and CEO Mark Tritton said at the time, with a goal to recover and survive the hardships wrought by the pandemic.
In a July 8 statement, Tritton explained, "The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital … Our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success."
Now the closures are becoming a reality. On Sept. 21, Bed Bath & Beyond announced the first 63 stores that will close their doors by the end of 2020, according to CNN. This follows the news that the company will also eliminate 2,800 jobs.
CNN has the full list of stores that are closing imminently, though if the company sticks to their original plan, there will be approximately 140 more closing in the future. Bed Bath & Beyond locations across the country will be disappearing, including multiple stores in California, Colorado, Illinois, Florida, Texas, and New York.
Of course, Bed Bath & Beyond is only the latest iconic retailer to be shutting down stores amid the COVID pandemic. For a look at the other chains that have been forced to close, read on. And for more on the economic effects of coronavirus, 60 Percent of These Closed Businesses Will Never Reopen, Says New Report.
One of the first business casualties of the pandemic, Pier 1 filed for bankruptcy on May 19 and closed all of its stores, citing the "challenging retail environment" brought on by COVID-19. And if you're looking to save money, discover The Best Way to Save Money While Shopping Online, According to Experts
Sur La Table
After filing for Chapter 11 bankruptcy protection in July and announcing the closure of 51 stores, home goods store Sur La Table said they would be closing an additional 17 stores in a Sept. 11 announcement reported by USA Today. There are now just 55 stores remaining.
On Sept. 14, Stein Mart—an 112-year-old discount department store—said it would be closing all 280 stores, following a Chapter 11 bankruptcy filing in August. And for more department stores we've lost, check out these 17 Once-Beloved Department Stores That Are Now Defunct.
Another department store that couldn't survive COVID, Century 21 announced a "wind down of its retail operations" on Sept. 10, saying that there would be going-out-of-business sales at its 13 stores.
Lord & Taylor
Even the oldest department store in the country couldn't weather the coronavirus storm. On Aug. 27, Lord & Taylor said it was filing for Chapter 11 bankruptcy and closing all stores.
"Facing unprecedented disruption caused by the COVID-19 pandemic," Neiman Marcus was the first department store to file for bankruptcy amid coronavirus in May, per NPR. So far, however, the chain has closed 22 locations, meaning you may still be able to find a Neiman Marcus open in your area. And if you want to stay safe while shopping, make sure you know The No. 1 Worst Thing You Can Do While Shopping Right Now.
Another department store, another COVID closure. But while Nordstrom announced in May that it would be closing 19 of its 116 stores, all Nordstrom Rack locations will remain open, Business Insider reports.
Forever 21 was already in dire straits when coronavirus hit: Business Insider reported the closure of hundreds of locations in Sept. 2019. And for more up-to-date information, sign up for our daily newsletter.