6 More VA Bed Bath & Beyond Stores Targeted To Close

VIRGINIA — Bed Bath & Beyond, the troubled home goods retail chain, will close six more stores in Virginia in 2023, according to company officials.

The Virginia stores are part of 87 more stores nationwide that Bed Bath & Beyond said Tuesday it would close, USA Today reported. The company said the closures add to the 62 closures announced in September and the 56 announced in January.

Bed Bath & Beyond stores in Springfield, Fairfax and at Dulles Landing, as well as in Winchester, Williamsburg and Chesapeake, are the Virginia stores targeted for closure in the latest announcement, according to USA Today.

Earlier in January, Bed Bath & Beyond said stores in Lynchburg and Gainesville were slated to close in 2023. In September, Bed Bath & Beyond announced that it would close locations in Christiansburg and Leesburg.

READ ALSO: More VA Bed Bath & Beyond Stores Slated To Close In 2023

Last August, Bed Bath & Beyond officials said the chain would close about 150 of its more than 900 locations nationwide, as it sought to climb out of its financial hole. The company has defaulted on some loans, and it reportedly is looking at restructuring its debt in bankruptcy court.

The company is approaching a potential bankruptcy, as its sales decline and losses grow. Store shelves have gotten barer as suppliers demand upfront payment, stop shipping goods or change other payment terms.

In early January, the retailer announced that it anticipated net losses of $385 million in the third quarter of 2022, including impairment charges of about $100 million. The losses compared to $285 million in losses in the same period in 2021.

The company reported $1.26 billion in sales for the third quarter of 2022, compared to $1.88 billion for the same time frame in 2021, Bed Bath and Beyond officials said.

“The company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company's business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code,” Sue Grove, the president, and CEO of the company, said on Jan. 5 in a statement issued to stakeholders. “These measures may not be successful."

Grove said in the memo that the company has a “clear vision” for the future of the company, but said that long-term success would be based on refocusing on merchandising and inventory and operating more efficiently.

“Strengthening our ability to serve our customers will continue to drive our decision-making,” Grove wrote. “We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference."

Thirty states were affected by Tuesday's announcement. Florida will see the most Bed Bath & Beyond stores shuttered in the latest wave, with 11 stores closing, followed by California with 10, according to USA Today.

Here are the Bed Bath & Beyond stores in Virginia that have yet to be targeted for closure:

• Alexandria: 7690 Richmond Highway
• Charlottesville: 975A North Emmet Street
• Dulles: 45575 Dulles Eastern Plaza
• Falls Church: 5810 Crossroads Center Way
• Fredericksburg: 3700 Plank Road
• Glen Allen: 10050 West Broad Street
• Harrisonburg: 283 Burgess Road
• Midlothian: 11609 Midlothian Turnpike
• Newport News: 12132A Jefferson Avenue
• Roanoke: 1421 Towne Square Boulevard Northwest
• Virginia Beach: 220 Constitution Drive
• Woodbridge: 14101 Crossing Place

Even before boutiques and malls were shut down by the coronavirus outbreak, traditional brick-and-mortar establishments saw a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.