Bed Bath & Beyond will be closing all of its stores in Canada as the retail chain has succumbed to years of operating at a net loss.
The company is winding down its operations in all 54 Bed Bath & Beyond stores across the country, as well as 11 buybuy Baby stores. With these closures, 387 full-time employees and 1038 part-time employees will lose their jobs, according to court documents from a hearing on Feb. 10 to address the company’s arrangements with its creditors.
“The Bed Bath & Beyond Group has been in financial difficulty for a number of years, suffering significant net losses since 2018,” the company’s interim CFO, Holly Etlin, had told the court. The company’s situation worsened throughout 2022 and finally in January 2023, the company defaulted on some of its payments….