Businesses and establishments closing here and there, and the reasons are saddening. The last news of a closing business is about Noma Restaurant. Now, another business seems to be doing the same soon. Bed Bath & Beyond’s subsidiary, Harmon Stores, plans to close all the stores — this may be due to bankruptcy. If you’re curious about how many stores would be affected and why is it being closed, then you can read below to know more.
Why are Harmon Stores closing
The main reason you may think of is the effect of the COVID-19 pandemic — well, not really. On Friday, January 27th, Bed Bath & Beyond Inc. announced the closing of all the Harmon stores. Not just the entire chain of Harmon drugstores, but also 87 more of their flagship stores.
- Bed Bath & Beyond states that they struggle financially and couldn’t find support for the said stores. The funding has not been enough to keep the operations going.
- Earlier this month, according to The Wall Street Journal report, the company plans to file for bankruptcy soon. This came from reports of the company that they fall short on their sales during the holiday season.
- Moreover, it states that the retailer happens to be in the early stages of planning for the next step. The filing of bankruptcy of Bed Bath & Beyond may happen around February 2023.
- The plan of closing the stores is included in August 2022’s announcement of the retailer. The plan includes shutting down 150 lower-performing Bed Bath & Beyond locations.
- As of February 2022, the total number of Harmon Stores about to close is 50.
What happens to Bed Bath & Beyond?
According to The Wall Street Journal write-up, it is quite impossible as of this moment for the company to reorganize. No secured buyer to acquire the business, lenders cut off their credit, so how are they going to do it?
- Some of their vendors stopped shipping goods leading to empty store shelves. As of this moment, the company still decides on what to do in the following months.
- However, if the status of the sales and company remains the same, we could see Bed Bath & Beyond closing all, or if not, most of its stores soon.
- It is said that Bed Bath & Beyond is in talks with Hilco Global to help them put funds to pay their vendors. Both sides have yet to confirm this circulating news.
Are there more stores shutting down?
Unfortunately, there are more stores of Bed Bath & Beyond closing. Five (5) more Buybuy Baby Stores close soon along with the Harmon’s.
- The company has to cut down its costs, including laying-off workers. In the following days or weeks, we can know what’s bound to happen to Bed Bath & Beyond.
- If you’ve been purchasing at Harmon Stores, you know that they offer cosmetics, health, and beauty care products. Also, in case you need to buy a few products, the online website can still be accessed. Just head to Bed Bath & Beyond, then to Harmon Face Values brand.
We hope that these businesses may get back to their normal flow. We are saddened to hear about Bed Bath & Beyond’s Harmon Stores closing.
RELATED NEWS: Bed, Bath & Beyond: All Closed locations – Updated
If you have any questions about Harmon Stores closing and Bed Bath & Beyond’s bankruptcy, you can also share them below. Until then, stay with us here at Spiel Times for more content.
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