Antioch Bed Bath & Beyond to Close

Bad Bath & Beyond announced this week that it will continue closing stores which began late last year. In its latest round of store closings, eight more stores will be in California – including the City of Antioch at Slatten Ranch.

The move was announced in 2022 that 150 stores would close. The announcement this week was 62 locations which now include stores in Antioch, San Jose and Vallejo.  They also plan to lay off 32,000 employees.

California

• Valencia Marketplace, 25540 The Old Road, Valencia
• 394 East H Street, Chula Vista
• 5353 Almaden Expressway, Suite A-200, San Jose
• 8390 On The Mall #237, Buena Park
• 9918 Mission Gorge Road, Santee
• 1140 Hilltop Drive, Redding
• 1320 South Beach Blvd., La Habra
• 75 Lakewood Center Mall, Lakewood
• 2601 Larkspur Landing Circle, Larkspur
• 39421 10th Street, West Palmdale
• 5719 Lone Tree Way, Antioch
• 3611 N. Freeway Blvd., Sacramento
• 15555 East 14th Street, Suite 240, San Leandro
• 201 East Magnolia Blvd., Burbank
• 117 General Stilwell Drive, Marina

For the full list of stores closing, click here

Bed Bath & Beyond Inc. Reports Fiscal 2022 Third Quarter Results

UNION, N.J., Jan. 10, 2023 /PRNewswire/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today reported financial results for the third quarter of fiscal 2022 ended November 26, 2022.

Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, “At the beginning of the third quarter, we initiated a turnaround plan anchored on serving our loyal customers, following a period when our merchandise and strategy had veered away from their preferences. Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals. We will continue to rebalance our assortment towards National Brands and refine our Owned Brands mix to reflect the deep understanding of our customer, along with the selection and value only we can offer in the Home and Baby markets. We are actively pursuing higher in-stock levels to meet proven demand.”

Ms. Gove continued, “We are implementing our plan expeditiously while managing our financial position in a changing landscape. We are delivering on our aggressive second half commitment of $250 million in SG&A optimization, or $500 million in annualized savings. We are also on track to achieve the 150 store closures that we previously outlined,
which will further enable us to allocate resources according to customer demand. Our organization is more streamlined and we have adopted a more focused infrastructure that reflects our current business.”

“For decades, Bed Bath & Beyond has set the pace across the sector and we have commanded our position in retail through many different economic cycles and alongside a continuously evolving customer. We believe our concrete advantages in defining categories, offering broad and curated selections, and delivering for customers are compelling

reasons why we will continue to command a formidable presence in the Home and Baby categories into the future.”

“As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals. We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger. Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner. We are committed to updating all stakeholders on our plans as they develop and finalize – particularly our employees and partners, who are the essential catalysts of our business and the cornerstones of our future.”

Ms. Gove concluded, “We want our customers to know that we hear them and are charging ahead every day to meet their needs. Our entire organization is laser-focused on maximizing the value of our company by reconnecting with our customers and positioning Bed Bath & Beyond, buybuy BABY, and Harmon for long-term success.”

The full release — click here

About the Company

Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, harmondiscount.com, and facevalues.com. As of November 26, 2022, the Company had a total of 949 stores, including 762 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 137 buybuy BABY stores and 50 stores under the names Harmon, Harmon Face Values or Face Values. During the fiscal 2022 third quarter, the Company closed 6 Bed Bath & Beyond stores. The joint venture to which the Company is a partner operates 12 stores in Mexico under the name Bed Bath & Beyond.