SIOUX CITY (/AP) – Bed Bath & Beyond said Tuesday it will close 150 more stores, and Sioux City is one of the locations listed.
Bed Bath & Beyond at 5751 Sunnybrook Drive is among the stores scheduled to close, according to the company’s website. Called the store and confirmed the closing, but it is unknown at this time when the store will close.
The announced closing came after the Union, New Jersey-based company said it had raised about $1 billion through an offering of preferred stock and warrants to buy the company’s common stock. He said the funds would be used to pay off his debt.
The company’s volatile stock, which had surged 92 percent on Monday, fell 47 percent on Tuesday, down 82 percent over the past year, to end at $3.01.
In early January, Bed Bath & Beyond warned it might need to file for bankruptcy. A few weeks later, it said it was in default on its loans and didn’t have enough money to pay what it owed.
The latest store closings come as the chain has been dramatically shrinking its footprint over the past year. According to a regulatory filing, it may have closed more than 400 stores, about half of its fleet. This includes the remaining 50 standalone Harmon Face Value stores, which sell beauty and home products. The company said it expects to have 120 BuyBuy Baby stores plus 360 of its own stores.
Bed Bath & Beyond also said in the filing that it expects sales at stores that have been open for at least a year to decline 30% to 40% during its first fiscal quarter, “following the order With War Quarterly Improvements”.
Below is a list of all closing Bed Bath & Beyond stores.
The Associated Press contributed to this article.
Read full article here