As Bed Bath & Beyond warns that it may soon file for bankruptcy, at least one of its home goods retail locations in Delaware is set to close.
Closing sales will be revealed “over the next few months” at Bed Bath & Beyond in Brandywine Town Center, according to a company spokesperson. They declined to comment when asked when the store would close.
In a public filing Thursday, Bed Bath & Beyond said it faces “significant doubts” in its ability to continue operations. The company said it would consider all “strategic alternatives,” including entering bankruptcy protection.
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Bed Bath & Beyond has three stores in Delaware: Brandywine Town Center, and Christiana Town Center off Route 273 and Coastal Highway in Rehoboth Beach. The company also operates the Buy Buy Baby chain which has a store in Christiana Town Center.
A company spokesperson declined to comment on whether Thursday’s announcement would affect other stores.
Part of a movement closing Brandywine City Center Announced in AugustR to close 150 “less productive” stores.
“We espouse a straightforward, back-to-basics philosophy,” CEO Sue Duff said in a statement at the time.
As of last summer, Bed Bath & Beyond had about 32,000 employees and 900 stores. The company said Thursday that it expects to report a 33% drop in sales in the prior quarter and a net loss of $386 million, up from $276 million a year earlier. They said the sales decline was driven by lower customer traffic and lower inventory availability levels.
“Bad Bath & Beyond has gone too far to be saved in its current form,” Neil Saunders, retail analyst and managing director of GlobalData wrote in an analysis. “The catalog of errors has driven the company to the ground and made it increasingly irrelevant. Only very extreme measures will allow it to survive, and even if it succeeds, it will be a shadow of its former self.”
Delaware stores have already survived several rounds of closures. In late 2019 and 2020, Bed Bath & Beyond closed about 75 stores.
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Contact Brandon Holwick at bholveck@delawareonline.com. Follow him on Twitter @tweet.
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