Tuesday, April 23, 2024

Williamsburg Bed Bath & Beyond Slated to Close in ‘the Coming Months’

The Bed Bath & Beyond in the WindsorMeade Market Place shopping center. (Christopher Six/WYDaily)

JAMES CITY COUNTY — The Bed Bath & Beyond location at the WindsorMeade Market Place shopping center is on the latest list of stores slated to be closed by the struggling national chain.

The list of store closures was updated on Jan. 30.

On Jan. 5, Bed Bath & Beyond Inc. said it anticipated a net loss of approximately $385.8 million for the third quarter of fiscal 2022, which ended on Nov. 26. The company said it expected to report net sales of approximately $1.259 billion, compared to $1.878 billion one year ago, blaming factors including lower customer traffic and reduced levels of inventory availability, adding it was on track to close 150 stores.

The company also said in a U.S. Securities and Exchange Commission filing in January it was running out of cash, had doubts it could remain in business, and was considering options.

“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible. As such, Bed Bath & Beyond has decided to close the  Williamsburg location in the coming months,” the company said in an email to WYDaily, adding it  previously had shared that information with its associates.

Bed Bath & Beyond moved to assure local customers they still had multiple options to shop the home goods chain.

“While the decision to close a store is always a difficult one, local customers can find their favorite products at our nearby location in Newport News, as well as online at  bedbathandbeyond.com and our mobile app, where they can take advantage of digital services such as Same Day Delivery, curbside and in-store pickup, and free ship-to-home for purchases $39 or more,” it said.

The Wall Street Journal reported Wednesday that the retailer missed debt payments due on Feb. 1 to the tune of $1.2 billion.

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