Saturday, February 4, 2023

Bed Bath & Beyond closes 4 Texas stores amid bankruptcy

Four stores in Texas are on Bed Bath & Beyond’s updated list of plans to close.

The New Jersey-based home goods chain added four of its Texas store closures to a growing list of locations: Lake Worth, which has already closed; Harker Heights, located east of Killeen; Port Arthur and Wichita Falls.

Bed Bath & Beyond has already warned its investors that it may have to reorganize in bankruptcy and has begun to cut staff.

It announced Tuesday that it would close 150 stores by March.

Last year it closed stores in Missouri City near Hearst, Watauga, Austin and Houston.

The other two states where it has the most stores, California and Florida, were the most affected.

The updated list indicates the closure of nine stores in Florida and 16 in California.

Bed Bath & Beyond has 58 stores in Texas, including 16 in Dallas-Fort Worth.

Read also: Are you looking for a job? 5 things to keep in mind before choosing where you want to work

Texas’s growing population and new families may be keeping some of the company’s stores afloat for now, but its problems go beyond what’s happening to the economy.

The company struggled even during the housing boom and home goods sales boom during the pandemic.

Former chief executive Mark Tryon led an unsuccessful turnaround strategy and was fired in June and replaced by board member Sue Gove.

Triton was hired from Target in 2019, where he was director of merchandising, to build the brand and grow its online sales.

Triton prioritized new brands over national brands and remodeled stores; But consumers did not respond and sales fell.

Nation World News Desk
Nation World News Desk
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