Bed Bath & Beyond in Palm Desert among 87 stores closing its doors
Bed Bath & Beyond is closing an additional 87 stores, including one in Palm Desert, the company announced.
On Tuesday, the company added to its store closing list. The list now included the store at 72459 Highway 111 in Palm Desert.
“This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores,” the company said in a statement to Axios on Monday.
As of Jan 30, the stores in La Quinta, Palm Springs, and Beaumont remain safe, however, the future of the company continues to remain uncertain.
On Thursday, the company said that it is in default on its loans and doesn't have sufficient funds to repay what it owes.
On Jan. 5, company officials said they were considering options including filing for bankruptcy, saying that there was “substantial doubt” that it could stay in business.
A week later, it reported a 33% drop in sales and a widening loss for its fiscal third quarter that ended Nov. 26, compared with the year-ago period. Sales at stores opened at least a year — a key indicator of a company’s health — dropped 32%.
Its recently appointed president and CEO, Sue Gove, blamed the poor holiday performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on store shelves.
