5 Michigan Bed Bath & Beyond stores will be closed: Here’s where
Struggling retailer Bed Bath & Beyond has released the full list of upcoming store closings, including five in Michigan, four of which are in the metro Detroit area.
Bed Bath & Beyond announced a plan to close 150 stores and cut its workforce by 20% last month in a bid to save $250 million this year. It also said it is considering selling more of its shares to support its finances and has raised more than $500 million in new funding.
The company released the full list of store closings on Thursday. About a third will be closed within the next few weeks.
Here are the five Michigan stores on the list:
Chesterfield: 50551 Waterside Drive
Farmington Hills: 31075 Orchard Lake Rd
Northville: Northville Retail Centre, 17223 Haggerty Road
Walker: Green Ridge Square, 3410 Alpine Avenue NW
White Lake Twp: 9050 Highland Road
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores, and 51 stores under the Harmon, Harmon Face Values or Face Values names. As of February, it had approximately 32,000 employees.
Bed Bath & Beyond has been experiencing a lot of turmoil lately. Its shares soared from $5.77 to $23.08 in just over two weeks in August, in trading reminiscent of the stock memes craze of last year, when unfavorable companies suddenly became the darling of small-pocket investors.
Copyright 2022 by WDIV ClickOnDetroit – All rights reserved.