Greenville Bed Bath & Beyond among nationwide store closings

GREENVILLE, N.C. (WITN) – A Mattress Bathtub and Past right here in Japanese Carolina is the latest amongst a whole lot to be shuttered by the corporate over the past 12 months.

The shop location at 3160 Evans Road is on an inventory of shops to be closed that was printed by the corporate on February seventh.

An worker on the location stated it’s anticipated that the closure could occur a while in March however {that a} agency date hasn’t been set.

Different shops on this latest checklist in North Carolina embody places in Burlington, Hickory, Raleigh, and Gastonia.

The announcement got here after the corporate primarily based in Union, New Jersey, stated it had raised about $1 billion via choices of most popular inventory and warrants to buy the corporate’s widespread inventory. The funds shall be used to repay its debt, it stated.

The corporate’s risky inventory, which rose 92% on Monday, fell 47% on Tuesday, ending the day at $3.01, down 82% over the previous 12 months.

In early January, Mattress Bathtub & Past warned that it could must file for chapter. A number of weeks later, it stated it was in default on its loans and didn’t have adequate funds to repay what it owes.

The most recent retailer closures come because the chain has been decreasing its footprint dramatically over the previous 12 months. In keeping with a regulatory submitting, it’s going to have shuttered greater than 400 shops, almost half of its fleet. That features the remaining 50 standalone Harmon Face Worth Shops, which sells magnificence and family merchandise. The corporate stated it anticipates maintaining 360 of its namesake shops along with 120 BuyBuy Child shops.

Mattress Bathtub & Past additionally stated within the submitting that it expects gross sales at shops opened no less than a 12 months to be down anyplace from 30% to 40% throughout its first fiscal quarter, with “sequential quarterly enchancment after that.”

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