Sioux City Bed Bath & Beyond to close
SIOUX CITY (KTIV/AP) - Bed Bath & Beyond said Tuesday it will be shuttering 150 more stores, and Sioux City is one of the listed locations.
According to the company’s website, the Bed Bath & Beyond at 5751 Sunnybrook Drive is one of the stores slated to be closed. KTIV called the store and confirmed the closure, but when the store will close is not known at this time.
We have been conducting a comprehensive, store-by-store analysis of our portfolio to ensure we can grow profitably while best serving our customers.
As such, Bed Bath & Beyond has decided to close the Sioux City, IA location. We previously shared this information with our valued Associates. While the decision to close a store is always a difficult one, customers can shop online at bedbathandbeyond.com and our mobile app.
Store-closing sales will commence and continue over the next few weeks and months.
The announced closures 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.”
Below is a list of all Bed Bath & Beyond stores set to close.
The Associated Press contributed to this article.
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