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February 1, 2023

Bed Bath & Beyond to close four CT stores as it threatens bankruptcy

Mike Kalasnik from Jersey City, USA, CC BY-SA 2.0 , via Wikimedia Commons A Bed Bath & Beyond store in New Jersey.

Bed Bath & Beyond, which announced in August that it would close 150 of its 900 stores in the United States, will shutter four Connecticut locations, according to a list the company released Monday.

The stores that are closing are at 20 Hazard Ave. in Enfield, 835 Queen St. in Southington, 1065 Silas Deane Highway in Wethersfield and 2260 Kings Highway in Fairfield.

Six Bed Bath & Beyond stores remain in Connecticut, in Brookfield, Guilford, Hamden, Manchester, Norwalk and Simsbury.

The New Jersey-based houseware chain has been struggling for years. Last year, it closed stores in Stamford, Hamden and Waterford. 

A securities filing says the company was in default as of Jan. 13.

Also, Bed Bath & Beyond has been hurt by “significant turnover in senior management,” and has been unable to attract and retain qualified personnel, according to the filing. 

The company’s CFO died in September after jumping from a skyscraper in New York City, CBS News reported. He had been named as a defendant in a stock fraud lawsuit that alleged he and others inflated the company’s share price in order to sell shares before the price dropped.

“Based on recurring losses from operations and negative cash flows from operations for the nine months ended November 26, 2022 as well as current cash and liquidity projections, the company has concluded that there is substantial doubt about the company’s ability to continue as a going concern for the next 12 months,” the Jan. 26 filing says.

Bed Bath & Beyond said it is considering all options, including restructuring or refinancing debt, reducing or delaying business activities, selling assets and filing for bankruptcy.

“There can be no assurance that any such measures would be successful,” the filing says.

Bed Bath & Beyond’s stock price fell 4.6% on Tuesday to $2.69 a share.

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