Greenville Bed Bath & Beyond among nationwide store closings

GREENVILLE, N.C. (WITN) – A Bed Bath and Beyond here in Eastern Carolina is the most recent among hundreds to be shuttered by the company over the last year.

The store location at 3160 Evans Street is on a list of stores to be closed that was published by the company on February 7th.

An employee at the location said it’s expected that the closure may happen some time in March but that a firm date hasn’t been set.

Other stores on this recent list in North Carolina include locations in Burlington, Hickory, Raleigh, and Gastonia.

The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company’s common stock. The funds will be used to pay off its debt, it said.

The company’s volatile stock, which rose 92% on Monday, fell 47% on Tuesday, ending the day at $3.01, down 82% over the past year.

In early January, Bed Bath & Beyond warned that it may need to file for bankruptcy. A few weeks later, it said it was in default on its loans and didn’t have sufficient funds to repay what it owes.

The latest store closures come as the chain has been reducing its footprint dramatically over the past year. According to a regulatory filing, it will have shuttered more than 400 stores, nearly half of its fleet. That includes the remaining 50 standalone Harmon Face Value Stores, which sells beauty and household products. The company said it anticipates keeping 360 of its namesake stores in addition to 120 BuyBuy Baby stores.

Bed Bath & Beyond also said in the filing that it expects sales at stores opened at least a year to be down anywhere from 30% to 40% during its first fiscal quarter, with “sequential quarterly improvement after that.”

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