“While the company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended Nov. The deficit pushed the company's losses to about $1.1 billion for the nine-month period ending Nov. Highlighting its woes, the company reported last month a $393 million loss for its fiscal third quarter that ended on Black Friday weekend, with sales down by 33 percent from a year earlier. It said last month that it was examining options that included selling assets or restructuring its business in bankruptcy court. The closings reflect Union, N.J.-based Bed Bath & Beyond's dire fiscal condition. "We feel optimistic, as we've also seen new tenants and companies enter the marketplace, creating new employment opportunities and revitalizing our city in new and meaningful ways.” “While we hate for anyone in the community to lose their job, the potential vacancy of this property leaves the door open for other business owners or entrepreneurs to grow or expand their business here in Norwalk,” Rilling said. in a mixed-use complex that also includes an AMC Royale 6 movie theater and an Edge Fitness Clubs center. Rilling also expressed confidence that the Bed Bath & Beyond storefront would be able to attract new occupants. In Norwalk, city officials said that they stand ready to help affected employees. The federal Workforce Adjustment and Retraining Notification Act requires companies to inform the labor department of mass layoffs in many, but not all, situations. No Bed Bath & Beyond layoff notices had been posted on the Connecticut Department of Labor's website as of Tuesday evening. ![]() It is unclear how many employees in Connecticut will lose their jobs as a result of the closings. For instance, signs promote 10 percent off the lowest ticketed prices at the Norwalk store.Īs for the other two locations in Bed Bath & Beyond's 10-store network in Connecticut, the Brookfield and Simsbury establishments are staying open, at least for the time being, according to employees who answered the phone Tuesday at those sites. In the meantime, shoppers at those establishments can take advantage of significant discounts. The digital channel is expected to rise to a higher proportion of sales with improved channel profitability.”Ī message left Tuesday for Bed Bath & Beyond’s corporate communications team that sought more information about the closings in Connecticut was not immediately returned.Ĭlosing dates have not been finalized, but employees said they expect the Norwalk store to close in late March or early April, the Guilford store to close sometime in March and the Manchester store to close between late March and early May. “In response to evolving shopping preferences today, this target store base includes the company's most profitable locations and best geographic presence for customers that can enable an optimal omni-experience. ![]() ![]() “The company has initiated incremental store closures in its Bed Bath & Beyond banner with an ultimate operating goal of approximately 360 stores, in addition to approximately 120 buybuy BABY stores, across the U.S.,” the company said in a news release Tuesday. approximately 150 additional lower-producing Bed Bath & Beyond stores, which builds on closure of approximately 200 Bed Bath & Beyond stores and approximately 50 standalone Harmon stores in the U.S.” In a filing Monday with the Securities and Exchange Commission, Bed Bath & Beyond said that it planned to expand the number of closings in its “store fleet optimization program” to more than 400 locations, “including closure of. Recent closings have also affected locations in Stamford and Waterford. ![]() Those closings join a list of planned shutdowns of Bed Bath & Beyond stores in Enfield, Fairfield, Hamden, Southington and Wethersfield.
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