Bed Bath & Beyond will close 150 stores; Are North Bay sites affected?

NORTH BAY, Calif. — Bed Bath & Beyond said Wednesday it was closing 150 stores and cutting 20% ​​of its workforce, though it’s unclear if the home goods retailer plans to close any of its stores. of North Bay.

Bed Bath & Beyond currently has 69 stores in California, including locations in four North Bay cities: Santa Rosa, Larkspur, Vallejo and Vacaville.

The company said it “identified and began closing approximately 150 low-production Bed Bath & Beyond banner stores,” but did not release a list of those stores.

The restriction is part of the chain’s turnaround push and includes the layoff of around 20% of its corporate and supply chain staff, the company said in a press release before a call to investors.

The sales weakness continued into the third quarter, the company said, with in-store sales falling 26% for the three-month period ending August 27, compared to the same period in 2021. was the chain’s biggest drop in sales. had seen for years.

The company said it received $500 million in new funding to shore up its business model ahead of the major holiday shopping season in the fourth quarter. Plans include the return of national brands to store shelves, a strategy according to interim CEO Sue Gove, aims to make the company “a favorite shopping destination” again.

“We embrace a straightforward, back-to-basics philosophy that focuses on better service to our customers, business growth and profitability,” Gove said in the statement, adding, “The customer drives our decisions. , and we are committed to delivering what they want while driving growth, profitability and financial returns. »