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Bed Bath & Beyond Closes 7 More SoCal Stores
The bleeding continues for retailer Bed Bath & Beyond, which has announced the shuttering of seven more stores in Southern California, including two in the Inland Empire. The 87 closures nationwide is in addition to the 150 announced during the summer, as the company heads towards likely bankruptcy.
The latest local closures include Palm Desert and Upland in the Inland Empire, Hawthorne, Culver City, Glendora and Pasadena in Los Angeles County and a Harmon store in LA. A Bed Bath & Beyond spokesman also confirmed that the company missed a bond payment on February 1, and has entered a 30-day grace period before default.
According to the Orange County Register, the company posted a loss of nearly $400 million and saw sales slump 33% in fiscal third quarter, while sales at stores open at least a year, a key gauge of a retailer’s health, dropped 32%.
- ◦Economy
