Bed Bath & Beyond Stores In ME Spared From Closing…For The Moment
You may want to hurry up and use that 20% Off Coupon while you can, as Bed Bath & Beyond has announced it will be closing over a hundred of its stores, nationwide.
The list titled "Bed Bath & Beyond Inc. Store Closings_2022" that was released this week featured the first 50 store closings. The first 50 closures seem to be slated for September of this year.
Maine's stores escaped the first round of closures, but it remains to be seen what other stores are slated for closure, and how long Maine will maintain its "open for business" status.
According to their website, the announcement was released 2 weeks in advance of the Fiscal 2022 Second Quarter Earnings Results, which are due out at the end of this month.
" Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced that it will hold a conference call to discuss its fiscal 2022 second quarter financial results on Thursday, September 29, 2022 at 8:15am EDT."
The announcement of the closures also follows news of the recent death of Bed Bath & Beyond's CFO, Gustavo Arnal, who authorities say committed suicide at the beginning of September.
According to an article on CNN.com, the Bed Bath & Beyond company was in a bad way.
"The company is trying to rescue itself and stay out of bankruptcy by shrinking. The chain said Wednesday that it will lay off approximately 20% of corporate employees, close around 150 stores and slash several of its in-house home goods brands. The company also said it secured more than $500 million in financing to shore up its ailing financial straits."
Arnal, the CFO, had been named last month in a class action lawsuit, accusing Arnal and other higher-ups within the company of a scheme to "artificially inflate the price of the company’s stock."
No word yet on when the remaining store closures will be announced, or who might be on the next list.