Popular home goods retailer holding final sales up to 70% off as additional stores will close in two weeks

A POPULAR home goods retailer has offered shoppers sales of up to 70 percent off as it closes hundreds of stores across the United States.

Bed Bath & Beyond has been caught in a wave of financial duress as it wards off potential bankruptcy.

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The chain experienced low sales nationwide as shoppers reeled in spending amid high inflation and economic uncertainty.

The slow death of brick and mortars has been exacerbated by the pandemic as well as shifting shopping habits toward e-commerce.

Fortunately for customers, there’s one silver lining to the retail apocalypse.

Stores like Bed Bath & Beyond will be offering massive deals on the remaining inventory in stock.

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For example, a store in Bellingham, Washington is scheduled to shutter on Sunday, April 23 and in the meantime, the location boosted deals storewide to 70 percent off.

Bed Bath & Beyond listed the store as one of its upcoming closures in February, alongside 200 other locations.

By April 5, all items were marked between 50 to 70 percent off, but it’s possible even greater deals could be found in the store.

Even Bed Bath & Beyond’s fixtures, including its shelving and racks, are on sale as the store races to unload all items by its closing date.

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Four other Washington cities are losing their Bed Bath & Beyond stores, including Vancouver, Issaquah, Walla Walla, and Kennewick. 

The next closest Bed Bath & Beyond to Bellingham is the Burlington location at 1915 Marketplace Drive.

BED BATH & BEYOND IN THE NEWS

Bed Bath & Beyond has been largely disappearing across the country this year.

The chain has announced that 400-plus stores have been shuttering since last year as the store attempts to evade bankruptcy.

The once vibrant home goods chain plans to scale back its locations to just 360, down from its peak of 1,552 in 2017.

This includes 354 Bed Bath & Beyond stores, 51 Harmon health and beauty stores, and 11 BuyBuy Baby stores.

The company narrowly avoided bankruptcy by raising approximately $225million in an equity offering earlier this year.

The retailer also pledged $800million in the future to pay its current debt loan.

However, ultimately, many of the chain’s beloved stores will have to be axed in an effort to cut costs.

This is a key element in Bed Bath & Beyond’s strategy as it launches a new, smaller model and recovers its finances.

"The company shared in its strategic update in early February that it is moving expeditiously toward a smaller and more profitable store footprint and omni-always model,” Bed Bath & Beyond said in a statement.

"The difficult but necessary decision to reduce its workforce is one of many important actions the company is taking to enable Bed Bath & Beyond to improve its financial position and serve its customers well into the future.”

LARGER TREND OF CLOSURES

Bed Bath & Beyond’s financial struggle reflects a larger trend being dubbed the “retail apocalypse.”

Retailers closed 12,000 stores in 2020 alone and more than 9,300 stores stopped trading in 2019, according to The Week.

And now a more recent tally compiled by Insider warned that at least 1,400 stores are expected to close this year.

Major discount retailer Dirt Cheap is closing dozens of stores across the United States, including 13 in Texas.

Low sales ultimately forced the bargain retailer to pull the trigger on 19 stores this year.

Meanwhile, a Staten Island Dollar Tree location set its closing date to April 30, and another outlet in Laramie, Wyoming is also expected to close on May 8.

The hit isn’t just coming to bargain retailers, however.

Specialty grocers and retail giants alike are all feeling the same heat from the current retail environment.

Sprouts Farmers Market will say goodbye to shoppers at stores in Roseville and West Hollywood, California alongside locations in Wellington, Florida, and Lynnwood, Washington by April 30.

These closures join at least six Walmart stores set to shutter this month as the supermarket redirects its focus to its high-performing stores and online presence.

The chain confirmed its sites in Everett, Washington, South Bend, Indiana, and Brooklyn Center, Minnesota will be closing on April 21.

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Here’s the full list of stores closing this month.

Restaurants are being affected too – with four beloved chains planning on shutting down this month alone.