Huge chain is closing 200 stores forever with up to 70% off liquidation sales starting now – see if there’s one near you
RETAILERS bed bath beyond launched a liquidation sale at up to 70 percent off at one of its stores prior to its closure.
In February, the company announced the closure of 149 stores, in addition to the closure of 78 other locations announced in January.
This was part of a strategic refresh announced by the retailer as it moves towards a smaller and more profitable model.
One of the many stores scheduled to close is in Bellingham, Washington.
According to a sales representative, this store will close on Sunday April 23rd.
As a result, it has since increased its revenue from listings by as much as 70 percent.
These liquidation sales began April 5 with products across the store at discounts of between 50 and 70 percent.
This followed an initial sale launched last month at a discount of between 30 and 60 per cent.
Since the store warns customers “everything has to go,” it’s even selling its fixtures and fittings like shelves and shelves.
The closure of the Bellingham store means residents of the area will vacate the Bed, Bath & Beyond location in Burlington.
The chain plans to reduce its locations to just 360 from its peak of 1,552 in 2017.
Since last year, the retailer has announced the closure of over 400 US stores.
This includes 354 Bed Bath & Beyond stores, 51 Harmon health and beauty stores and 11 BuyBuy Baby stores.
The full list of closures includes 10 in Texas, 10 in New York, nine in California and seven in Michigan and New Jersey.
It comes after the company narrowly avoided bankruptcy by raising approximately $225 million in a stock offering.
They have also pledged $800 million in the future to pay off the current debt loan.
The closures are part of cost-cutting measures designed to help the company improve its finances and launch this new, smaller model.
In a statement, it said: “The company said in its strategic update in early February that it is moving rapidly towards a smaller and more profitable store presence and an omni-always model.
“The difficult but necessary decision to reduce the workforce is one of many important actions the company is taking to enable Bed Bath & Beyond to improve its financial position and continue to serve its customers well into the future.
“The relevant decisions were communicated to employees at the time and the information on the company’s website regarding the closure of the store remains current.”