Bed Bath & Beyond Closing All 54 Canadian Stores
HALIFAX — All Canadian locations of Bed Bath & Beyond will be shuttering their doors.
It was last week that the company’s US head office announced it had only just barely collected enough cash to avoid bankruptcy.
An official court filing from the consultancy firm of Alvarez & Marsal, stated that “The Bed Bath & Beyond Group has been in financial difficulty for the past several years, suffering significant net losses since 2018.”
The filing said Bed Bath & Beyond Canada wasn’t profitable on its own and therefore unable to pay off its debts.
Bed Bath & Beyond Canada lost nearly $100 million between March and November lasy year, court documents show. As of November 26, the company had about $480 million in assets and $430 million in total liabilities.
All 54 Bed Bath & Beyond stores across Canada will be closed, along with 11 buybuy BABY stores. As part of the move, 387 full-time along with 1,038 part-time employees will lose their jobs.
Katie Nicholls is a reporter with CKTG in Thunder Bay, a Huddle content partner.