Bed, Bath & Beyond to close 5 Arizona stores in latest round of layoffs
PHOENIX (3TV/CBS 5/AP) -- Struggling retailer Bed, Bath and Beyond has announced it is closing five Arizona stores as part of the latest round of layoffs.
An updated list released by the retailer showed closures for the following five locations, three of which are in metro Phoenix:
- 2039 N. Power Road, Mesa, AZ 85215
- 34750 N. North Valley Parkway, Phoenix, AZ 85086
- 21258 South Ellsworth Loop Road Queen Creek AZ 85142
- 9590 East 22nd Street Tucson AZ 85748
- Buybuy BABY - 7475 North La Cholla Blvd. Tucson AZ 85741
CNBC reported early Tuesday that the company’s chief transformation officer role had been eliminated. “While we have taken several important initial steps in our turnaround plan with strong execution, our Q3 2022 results signal that it will take longer to translate actions into outcomes,” CEO Sue Gove wrote in an email sent to employees that was obtained by the outlet.
Last week, the retailer warned that there’s substantial doubt about the company’s ability to continue as sales continue to drop and it struggles to attract shoppers. The company, based in Union, New Jersey, said that it’s looking at several options including restructuring its business in bankruptcy court, but it acknowledged that even those efforts may not be successful. Shares fell more than 19% on the news.
Bed, Bath & Beyond’s assessment came as its dismal performance continued through the holiday season. The company expects to report net sales of $1.26 billion for the third quarter ended Nov. 26. That would be a 32% drop from a year earlier. It also anticipates a net loss of roughly $385.8 million for the third quarter, wider than its loss of $276.4 million in the year-earlier period.
In August, Bed Bath & Beyond announced it would shutter stores and lay off workers in a bid to turn around its beleaguered business. It closed about 150 of its namesake stores and slashed its workforce by 20%. In that round of closures, a store off Carefree Highway and I-17 in north Phoenix and another store off Calle Santa Cruz in Tucson shuttered their doors.
The Associated Press contributed to this report.
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