Things are continuing to look bleak for Bed Bath and Beyond as the company has now defaulted on its credit line with JPMorgan, and it no longer has enough cash to pay down its debts, making a potential bankruptcy filing even more likely in the coming days. As such, the retailer has continued to take drastic actions to try and save its business.
In a securities filing this week, the retailer said it “does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code.” Though the company is trying to cut costs by various means, including closing stores and negotiating lease deals with landlords, the “measures may not be successful.”
The news comes just weeks after they issued a “going concern” notice that they may have trouble covering their expenses following a worse-than-expected quarter, and that they had “substantial doubt” about their future. The company has been inching closer and closer to a bankruptcy filing, because of its problem, though it has been trying to avoid the process.
The company, which currently owns and operates its flagship home goods retail stores, as well as the children’s gear and apparel chain Buybuy baby and Harmon Beauty Supplies, is in the process of trying to sell off the Buybuy Baby brand, but has also been forced to make painful decisions in recent days to add to its store closings. The Wall Street Journal reports that in addition to an earlier list of 150 locations that would be closing, an additional 87 would now also cease to exist. In addition, according to Yahoo Finance, it is also liquidating the entire Harmon chain, which consisted of 52 stores in six states.
Previously, on the Jan. 10 list of store closures, two Harmon locations in Rockaway and Parsippany New Jersey had been slated for closure, in addition to six Buybuy baby stores in Rockaway and Princeton New Jersey, Tucson Arizona, Royal Palm Beach Florida, Chicago Illinois and Fredericksburg Virginia.
According to the Wall Street Journal, five additional Buybuy Baby stores are now also being closed.
The list of location closures has yet to be updated for the Buybuy Baby and Bed Bath and Beyond locations. A final closing date has also not yet been announced for the Harmon stores.
The full list of additional Harmon locations closing includes:
- Los Angeles: 10561 West Pico Boulevard
- Pasadena: 3609 East Foothill Boulevard
- Jupiter: 17450 North Alternate A1A, Suite 101
- Summerlin: 2315 Summa Drive, Suite 110
- Brick: 479 Route 70 East, Suite B
- Carlstadt: 675 Paterson Avenue
- Clifton: 390 Route 3 West
- Closter: 123 Ver Valen Street
- Deptford: 1755 Deptford Center Road
- East Brunswick: 300 Route 18 East
- East Hanover: 392 Route 10 West
- Edgewater: 725 River Road
- Franklin: 100 D Route 23 North
- Gillette: 977 Valley Road
- Green Brook: 303 Route 22 East
- Hackensack: 370 West Pleasant View Avenue
- Holmdel: 2145 Highway 35
- Iselin: 675 Route 1 South, Suite 2
- Manalapan: 357 Route 9 South
- Matawan: 359 Route 34 North
- Morris Plains: 1711 State Route 10 East
- Newton: 10B Route 206 North
- Ocean: 2309-200 Route 66
- Paramus: 145 East State Road 4, Suite 1
- Raritan: 300 U.S. Highway 202
- Short Hills: 720 Morris Turnpike
- Shrewsbury: 550 Broad Street-Route 35
- Succasunna: 275 State Route 10 East, Suite 350
- Totowa: 465 Route 46 West
- Wayne: 1595-1 Route 23 South
- Wayne: 580 Valley Road
- West Caldwell: 36 Clinton Road
- Westfield: 335 South Avenue East
- Westwood: 700 Broadway, Suite 32
- Brooklyn: 245 Atlantic Avenue
- Brooklyn: 850 Third Avenue
- Carle Place: 167 Old Country Road
- Commack: 8 Veterans Memorial Highway
- Hartsdale: 165 Central Park Avenue/Route 100
- Massapequa: 806 Hicksville Road
- Melville: 925 Walt Whitman Road/Route 110
- Mineola: 530 Jericho Turnpike
- Nanuet: 46 Rockland Plaza
- New Rochelle: 77 Quaker Ridge Road
- New York: 2171 Broadway
- New York: 675 Sixth Avenue
- Plainview: 1119 Old Country Road
- Poughkeepsie: 2600 South Road
- Yonkers: 2131 Central Park Avenue
The post Bed Bath & Beyond Inches Even Closer To Bankruptcy: What That Means For Stores appeared first on International Business Times.