Bed Bath & Beyond is closing more locations, including all Harmon stores

Bed Bath & Beyond last week said it lacked “sufficient resources” to pay its debts, and it’s now adding more store closures to its list of cost-cutting measures.
A sign announcing a store closure at a Bed Bath & Beyond.
  • Bed Bath & Beyond is closing more stores, including all Harmon stores.
  • All 50 Harmon stores, which sell beauty and health products, will close.
  • The retailer last week said it didn’t have the resources to pay off its debts.

Embattled retailer Bed Bath & Beyond is closing even more stores, including all stores operating under the Harmon banner. 

The new list of closures — posted to the company’s website on Jan. 30 — includes 142 more store closures, including 87 Bed Bath & Beyond stores, five BuyBuy Baby stores and all 50 Harmon stores, which sell health and beauty products.

Bed Bath & Beyond already planned to close 120 stores this year, according to a list it published at the beginning of January. Most of those stores were its namesake Bed Bath & Beyond stores, though those closures included two Harmon stores and six Buybuy Baby stores, the retailer’s baby goods store. 

“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” said a spokesperson for the retailer in a statement to Retail Leader. “This store fleet reduction expands the company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores.”

The retailer last week in a filing with the Securities and Exchange Commission (SEC) said it lacked the “sufficient resources” to pay its debts after creditor JP Morgan Chase & Co. earlier in the week informed the retailer that its outstanding debts would be due immediately. It had already said a bankruptcy filing was on the table.

In the Jan. 26 filing, the company said it was taking several measures, including the store closures, to cut costs. Other measures include lowering capital expenditures and negotiating with landlords to “seek reductions in rental obligations.” 

The retailer also this month began another round of layoffs, confirming the cuts to Retail Leader. In the latest filing, Bed Bath & Beyond expressed concerns about its ability to exist during the next year. “Based on recurring losses from operations and negative cash flows from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the company has concluded that there is substantial doubt about the… ability to continue,” the filing said.