3 More MD Bed Bath & Beyond Stores To Close As Retailer Seeks Funds

MARYLAND ­— Three more Maryland Bed Bath & Beyond stores are targeted for shutdown, according to an announcement on Tuesday that more retail locations are closing as the company tries to stave off bankruptcy. The closings are just the latest for the company, which began cutting stores last fall.

The New Jersey-based retailer announced in September it would be closing about 150 of its more than 900 locations nationwide. Late last week, CBS News reported a securities filing indicating the company had defaulted on loans and was considering restructuring its debt in bankruptcy court.

Just more than a week ago, the struggling retailer announced it was closing 87 more store locations, including three in Maryland.

This updated list of affected stores came after the retailer previously announced in September and December 2022 that it was starting to close low-performing locations.

Early in January, Bed Bath & Beyond said that it will close its Bel Air store, part of another wave of closings announced.

Bed Bath & Beyond has 13 stores in Maryland, including stores in Towson, Columbia, Bel Air, Annapolis, and Rockville. The Bel Air store is located at 559 Baltimore Pike.

In 2020, the retailer closed three Maryland stores in Gaithersburg, Hanover (Arundel Mills Mall) and Salisbury.

On Tuesday, the list of corporate closures released by the struggling housewares business grew once again, with three more Maryland locations set to be shuttered:

• Hagerstown: 17716 Garland Groh Blvd.
• Germantown: 12940 Middlebrook Road
• California 23415 Three Notch Road

Bed Bath & Beyond did not confirm the dates that each store will shut down.

Bed Bath & Beyond officials announced last month that it plans to cut an additional $80 million to $100 million with an unspecified number of layoffs.

The Wall Street Journal reported recently that the retailer burned through $300 million in cash and assets in the fourth quarter of 2022 alone as Bed, Bath and Beyond's sales continue to flounder, prompting Tuesday's announcement. The Journal also reported that the company would be facing a large number of layoffs as the retailer's fleet of stores continues to diminish.

The new closures announced Tuesday affect nearly 90 stores across the U.S., with Florida having 11 store closings and New Jersey losing all of its Bed Bath & Beyond-owned Harmon stores.

Bed Bath & Beyond had said previously that it would take stock of its inventory of stores and shutter the locations considered to be the most low-performing.

While the goal of the store closures is to avoid bankruptcy, Reuters reported on Tuesday that Bed Bath & Beyond was exploring “multiple paths.” Reuters also reported that the retailer missed a loan payment and has not been paying its debts already this week as January comes to a close and could file for bankruptcy.