In a desperate attempt to avoid bankruptcy, Bed Bath & Beyond has announced the closing of an additional 150 stores, including the last two stores in the Rochester area.
The struggling home goods retailer has already announced plans to shut down 87 stores and five buybuy BABY locations, including one in the Market Square Plaza. The buybuy BABY store in Henrietta has already begun a going-out-of-business sale with everything marked down 20%.
In Henrietta and Victor, Bed Bath & Beyond stores are now offering discounts ranging from 10% to 30% off, but coupons and gift cards are no longer being accepted. Morningstar analyst Jaime Katz said that consumer-focused companies that enter bankruptcy tend to honor gift cards and warranties to maintain customer confidence, but there is a risk that the retailer may not come out of bankruptcy and the gift cards may become worthless.
The New Jersey-based chain aims to reduce its U.S. operations to 360 Bed Bath & Beyond locations and 120 buybuy BABY stores. It also plans to raise more than $1 billion in funding through a public stock offering, but experts worry it may be too little, too late. Bed Bath & Beyond once had six locations in the Rochester area. Actual store closing dates have not been announced.
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