The Bed Bath & Beyond store on West Broad Street is one of hundreds across the country slated for closure. (BizSense file)
Bed Bath & Beyond’s stores in Henrico and Chesterfield are expected to shutter alongside the retail chain’s other locations nationwide as the company goes into bankruptcy.
The New Jersey-based home goods seller announced Sunday it filed for Chapter 11 bankruptcy. While the company is planning to wind down its operations and close all its stores by June 30, those plans could change if it finds a buyer.
“While the Company has commenced a liquidation sale, Bed Bath & Beyond Inc. intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets,” Bed Bath & Beyond said in a news release. “In the event of a successful sale, the Company will pivot away from any store closings needed to implement a transaction. The Company believes this dual-path process will best maximize value.”
Among the company’s several hundred stores are two locations in the Richmond area: one at 10050 W. Broad St. near Innsbrook and the other in Chesterfield at 11609 Midlothian Turnpike.
The Chesterfield Bed Bath & Beyond is in the Towne Crossing shopping center and occupies a 40,000-square-foot space there, according to a leasing flyer for the development.
The West Broad Street location occupies a standalone building of the same size near the intersection with Gaskins Road.
The West Broad location has a banner reminding passersby that the store isn’t closed yet.
In addition to the 360 stores under the Bed Bath & Beyond banner, the company operates 120 locations of subsidiary Buy Buy Baby, per the news release. The baby products brand, which is also slated to be shuttered, doesn’t have a presence in the Richmond area.
CFO and restructuring officer Holly Etlin wrote in court filings that recent months have been challenging for the company in the wake of the COVID-19 pandemic and its effects on the retail sector. She noted the company closed more than 430 stores prior to the recent bankruptcy filing.
“The past twelve months have undoubtedly been the most difficult and turbulent in Bed Bath & Beyond’s storied history,” Etlin wrote. “The Company explored all potentially value-maximizing alternatives in an effort to turn around its business and stave off chapter 11. All of this has come on the heels of the retail apocalypse and global pandemic that has permanently changed consumer behavior as the world knows it.”
Bed Bath & Beyond isn’t the only national retailer with a Richmond-area presence to declare bankruptcy lately. This month David’s Bridal, which has a single local outpost in Short Pump, also filed for bankruptcy protection.
The Bed Bath & Beyond store on West Broad Street is one of hundreds across the country slated for closure. (BizSense file)
Bed Bath & Beyond’s stores in Henrico and Chesterfield are expected to shutter alongside the retail chain’s other locations nationwide as the company goes into bankruptcy.
The New Jersey-based home goods seller announced Sunday it filed for Chapter 11 bankruptcy. While the company is planning to wind down its operations and close all its stores by June 30, those plans could change if it finds a buyer.
“While the Company has commenced a liquidation sale, Bed Bath & Beyond Inc. intends to use the Chapter 11 proceedings to conduct a limited sale and marketing process for some or all of its assets,” Bed Bath & Beyond said in a news release. “In the event of a successful sale, the Company will pivot away from any store closings needed to implement a transaction. The Company believes this dual-path process will best maximize value.”
Among the company’s several hundred stores are two locations in the Richmond area: one at 10050 W. Broad St. near Innsbrook and the other in Chesterfield at 11609 Midlothian Turnpike.
The Chesterfield Bed Bath & Beyond is in the Towne Crossing shopping center and occupies a 40,000-square-foot space there, according to a leasing flyer for the development.
The West Broad Street location occupies a standalone building of the same size near the intersection with Gaskins Road.
The West Broad location has a banner reminding passersby that the store isn’t closed yet.
In addition to the 360 stores under the Bed Bath & Beyond banner, the company operates 120 locations of subsidiary Buy Buy Baby, per the news release. The baby products brand, which is also slated to be shuttered, doesn’t have a presence in the Richmond area.
CFO and restructuring officer Holly Etlin wrote in court filings that recent months have been challenging for the company in the wake of the COVID-19 pandemic and its effects on the retail sector. She noted the company closed more than 430 stores prior to the recent bankruptcy filing.
“The past twelve months have undoubtedly been the most difficult and turbulent in Bed Bath & Beyond’s storied history,” Etlin wrote. “The Company explored all potentially value-maximizing alternatives in an effort to turn around its business and stave off chapter 11. All of this has come on the heels of the retail apocalypse and global pandemic that has permanently changed consumer behavior as the world knows it.”
Bed Bath & Beyond isn’t the only national retailer with a Richmond-area presence to declare bankruptcy lately. This month David’s Bridal, which has a single local outpost in Short Pump, also filed for bankruptcy protection.
And this is what they get for cancelling MyPillow! Another one bites the dust.😎
Yeah. That did it. Had nothing to do with the long demise of brick & mortar and the incredible dominance of online retailers and Amazon. It was the pillows.