Credit: Tom Sofield/NewtownPANow.com
The Bed Bath and Beyond store in Newtown Township will remain open as the company closes other locations and attempts to avoid bankruptcy.
Employees at the store said they have not received word the store is closing, and the company has not listed it on closure lists.
The homegoods chain is fighting to avoid bankruptcy amid a large debt load and planned turnaround attempt.
The New Jersey-based retailer announced Tuesday they would sell more stock with a goal of bringing in more than $1 billion in equity to keep the company afloat as they attempt to remake the business.
CNBC reported the money from the new stock and a $100 million loan will be used to pay debt and invest in the transformation of Bed Bath and Beyond.
In a stock filing this week, Bed Bath and Beyond announced they plan to close 150 “lower-producing” stores and have already announced the closure of around 200 locations. The company plans to cut expenses by up to $1 billion in the coming year.
“We continue to put our customers at the center of every decision, positioning Bed Bath and Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success. We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities. This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us,” Sue Gove, Bed Bath and Beyond’s president and CEO, said in a statement.
Bed Bath and Beyond said they will be working to improve the number of brands for consumers, streamline the supply chain and technology, and realign the company’s “operational foundation.”
“We are determined to achieve our goals and we are grateful to our thousands of associates and many partners for their dedication to our beloved brands, Bed Bath & Beyond and Buy Buy Baby,” Gove said.
Bed Bath and Beyond operates nearby locations in Hamilton Township, New Jersey, Warrington, and several in Montgomery County.
