12 FL Bed Bath & Beyond Stores Targeted To Close

FLORIDA ? Bed Bath & Beyond, the troubled home goods retail chain, will close a dozen more stores in Florida in 2023, according to company officials Tuesday.

The Florida stores are part of 87 more stores nationwide that Bed Bath & Beyond said Tuesday it would close, USA Today reported. The company said the closures add to the 62 closures announced in September and the 56 announced in January.

These 11 Bed Bath & Beyond locations, and one Harmon store, are the Florida stores targeted for closure in the latest announcement, according to USA Today.

• 1460 W 49th St, Hialeah
• 320 Brandon Town Center, Brandon
• 20560 State Road 7, Boca Raton
• 371 N. Congress Avenue, Boynton Beach
• 397 North Alafaya Trail, Orlando
• 4631 North University Drive, Coral Springs
• 540 North State Road 7, Royal Palm Beach
• 6001 24 Argyle Forest Blvd, Jacksonville
• 13221 City Station Drive, Suite 125, Jacksonville
• 14824 South Military Trail, Delray Beach
• 2239 East Semoran Blvd, Apopka
• 17450 N Alternate A1A STE 101, Jupiter (Harmon store)

The company said Jan. 10 it plans to cut an additional $80 million to $100 million with an unspecified number of layoffs. It also said it?s considering selling assets or restructuring its business in bankruptcy court, but warned it may have to file for bankruptcy protection.
The news comes after the struggling retailer in September 2022 announced plans to close two Florida stores in Sunrise and Sanford.

The Wall Street Journal reported earlier this month that the retailer burned through $300 million in cash and assets in the fourth quarter of 2022 alone as Bed, Bath and Beyond's sales continue to flounder, prompting closure announcemenst. The Journal also reported the home goods company faces a large number of layoffs as locations continue to diminish.

Stores named in a Jan. 10 closing announcement are:

• Orlando: 5295 International Drive, Suite 100
• Oviedo: 1115 Vidina Place, Suite 175
• Pompano Beach: Shoppers Haven, 3459 N. Federal Highway
• Sebring: 1748 US 27 N.
• Brooksville: 7187 Coastal Blvd.
• Homestead: 2595 NE 10th Court

The six stores targeted for shutdown are expected to close within the next few months, with liquidation sales possibly starting soon.

Bed Bath & Beyond has 58 stores in Florida, including stores in Bradenton, Brandon, Clearwater, Destin, Fort Lauderdale, Fort Myers, Gainesville, Lakeland, Miami, Orlando, Sarasota, St. Petersburg, and Tampa.

The stores are expected to close within the next few months, with liquidation sales possibly starting soon.

The chain has begun its latest round of layoffs, according to a memo sent to employees earlier this month that was obtained by CNBC. Bed Bath & Beyond has been working with advisors to stave off a bankruptcy filing while its financial position worsened, CNBC reported.

The company is approaching a potential bankruptcy, as its sales decline and losses grow. Store shelves have gotten barer as suppliers demand upfront payment, stop shipping goods or change other payment terms. Bed Bath & Beyond issued a ?going concern? warning in early January, saying it may run out of money to cover expenses, the network said.

Even before boutiques and malls were shut down by the coronavirus outbreak, traditional brick-and-mortar establishments saw a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.