Arizona
Bed Bath and Beyond moving ahead with Valley store closures
PHOENIX — Mattress Tub & Past is on monitor to shut 150 shops throughout the present fiscal 12 months, together with three in metro Phoenix, the struggling retailer introduced Tuesday.
Two of the Valley shops already are shut, whereas the the Queen Creek Market location at Ellsworth and Rittenhouse roads is on the chopping block.
No deadline has been introduced for the Queen Creek retailer, however the house items firm’s fiscal 12 months ends in February.
When that one is gone, the Phoenix space can have 10 remaining Mattress Tub & Past choices.
Shops at Energy and McKellips roads in Mesa and Phoenix’s Tramonto Market at Interstate 17 and Carefree Freeway beforehand met their destiny throughout the present spherical of cuts.
Mattress Tub & Past introduced in August that it might shut shops and lay off staff in a bid to show round its enterprise. It introduced it might shut about 150 of its namesake shops and slash its workforce by 20%.
Tuesday’s replace on retailer closures was a part of the retailer’s newest quarterly gross sales report.
With gross sales falling by a 3rd throughout the third quarter, which ended Nov. 26, 2022, the corporate stated it can slash an extra $80 million to $100 million, together with an unspecified variety of layoffs.
Final week, Mattress Tub & Past cautioned that it might have to file for chapter safety because it struggles to draw customers. It then stated that it’s contemplating choices together with promoting property or restructuring its enterprise in chapter courtroom. However the chain acknowledged that even these efforts is probably not profitable.
President and CEO Sue Gove stated in a press release Tuesday that the corporate is engaged on adjusting its merchandise and technique, which has moved away from customers’ preferences.
“We would like our prospects to know that we hear them and are charging forward on daily basis to satisfy their wants,” she stated.
The Related Press contributed to this report.
