Final sales going on now as major retailer announces two store locations are closing after announcin

Publish date: 2024-05-05

A MAJOR retailer has announced that two additional stores will close this spring, after the company announced its plans to shutter more than 400 locations to stave off bankruptcy.

Bed Bath & Beyond has not fared well during the retail apocalypse.

The company has been in a race to save itself from bankruptcy, announcing plans to close more than 400 stores for good.

As shoppers face price hikes and inflationary pressures, many are relying less on brick-and-mortar shops to purchase goods in all sectors, from fashion and home goods to groceries.

The rise of online shopping after the pandemic has also exacerbated the problem, and Bed Bath & Beyond has felt the brunt of the shifting retail patterns.

The silver lining for shoppers is that closing stores will be offering great deals – certain appliances could be up to 50 percent off or more.

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THE CLOSURES

Many of Bed Bath & Beyond’s locations are slated to say goodbye this spring, some by the end of April.

Two new closures are scheduled in Minnesota in Roseville and Minnetonka, both suburbs of the Twin Cities.

Rochester, Minnesota, located about 85 mile south of Minneapolis, has also lost its Bed Bath & Beyond, leading to fewer home goods supplies for those in that area.

It’s unclear when exactly the stores will have their final days, but the company said closing sales will take place over the next few weeks.

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After the closures, only three Bed Bath & Beyond stores will remain in Minnesota: Apple Valley, Maple Grove, and Woodbury.

And in Wisconsin, locations in Grand Chute, Kenosha, Madison, Mequon, and Wausau will be saying goodbye to shoppers as well.

Meanwhile, six locations in Illinois have already made their grant exits.

Bed Bath & Beyond initially announced that only around 150 stores would be closing, but amid the looming threat of bankruptcy, that number grew.

Last year, the home goods store operated more than 950 units nationwide.

A spokesperson previously told The U.S. Sun: “We are moving expeditiously toward a smaller and more profitable store footprint and omni-always model.”

During this process, Bed Bath & Beyond plans to focus on its more profitable stores while emphasizing its online shopping options.

As part of the closures, the workforce will be cut by 20 percent.

WHAT’S NEXT FOR THE LOST STORES

While the retail apocalypse has forced many stores to shut down for good, some have actually emerged victorious in the age of inflation.

Major retailers already closed a whopping 12,000 stores in 2020 and over 9,300 stores shuttered in 2019, according to The Week.

However, bargain retailers that target the everyday American have been thriving in recent years.

These are the chains that will likely take advantage of Bed Bath & Beyond’s old space in the months after their goodbyes.

Some of the notable chains to jump on these opportunities have included TJ Maxx, HomeGoods, and Ross.

And retail experts are predicting other budget chains like Five Below, Nordstrom Rack, and Planet Fitness will be next to set up shop in some of the shuttered locations.

Planet Fitness in particular has been in the fast lane of growth, opening about 200 new gyms a year.

“Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. 

Meanwhile, Burlington, Ross, and Nordstrom Rack are in conversations with landlords about taking over other Bed Bath & Beyond spaces.

These chains are likely flourishing due to their ability to withstand price pressures.

Americans have been increasingly turning toward low-cost stores to make their dollar stretch more on everyday purchases.

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A major Petsmart rival has announced its upcoming closure as well after a half-century of business.

Plus, here’s the full list of retailers closing this spring.

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