Bed Bath & Beyond store closures include Brunswick
Photo/Alexis Wells
Bed Bath & Beyond has lost shoppers and money after several turnaround attempts. Shown here is the South Portland location.
Bed Bath & Beyond's Brunswick store is one of 149 newly named locations targeted for closure nationwide in the coming weeks as the home goods company seeks to raise capital, according to a Tuesday announcement.
The Brunswick store is located at Merrymeeting Plaza in Brunswick, a 160,000-square-foot shopping center at 147 Bath Road.
Bed, Bath & Beyond stores in Augusta, Bangor and South Portland are not affected by the plans.
The Union, N.J.-based retail chain plans to close a total of 150 stores, including stores under the Harmon and buybuy Baby brands.
According to published reports, shareholders have been pulling out and suppliers have stopped shipping products due to late or unpaid payments.
Bed Bath & Beyond (Nasdaq: BBBY) said Tuesday that it raised about $225 million in an equity offering and may raise another $800 million in future offerings and that it will use the net proceeds to repay debt.
Shares of Bed Bath & Beyond have a current market value of around $279.83 million. Shares were trading Friday morning at $2.40, down 7.8% on the day. Over the past 52 weeks, shares have fluctuated from a low of $1.27 to a high of $30.06.
"This transformative transaction will provide a runway to execute our turnaround plan,” said Sue Gove, president & CEO of Bed Bath & Beyond. “We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success.”
“We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities,” Gove continued. “This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us. We are also prioritizing availability of leading national and emerging direct-to-consumer brands our customers know and love.
"As we make important strategic and operational changes, we will continue to take disciplined steps to enhance our cost base and improve our financial position."
In response to the news from Bed, Bath & Beyond, Nick Margitza, director of leasing at Merrymeeting Plaza, said: "We are sad to see Bed, Bath & Beyond go at Merrymeeting Plaza, but are actively exploring new concepts to introduce to the community. We look forward to welcoming Barnes & Noble and Margarita's Mexican Restaurant later this year."
Other tenants in the plaza include locally owned Pepper’s Landing Restaurant, Serenity Nails, and Fascination Station; Maine-based franchise Sun Tan City; Shaw’s Supermarket; and national chains Petsmart, CVS, Bed Bath Beyond and AAA.
Renee Cordes contributed to this report.
Most Recent
Most Recent
0 Comments