Another South Jersey Bed, Bath & Beyond Store to Close
Add another South Jersey Bed, Bath & Beyond store to the list of stores the company plans to close due to financial troubles.
The Manahawkin location on Rt. 72 was on a list of 150 stores released this week that Bed, Bath & Beyond says it's going to close as it attempts to reorganize its finances.
No closure date has been given.
In late January, Bed Bath & Beyond released a list of 200 stores marked for closing including the Mays Landing store in the Hamilton Commons Shopping Center, where the store immediately marked all merchandise down by 20%.
Other New Jersey Bed, Bath & Beyond stores announced for closing recently are locations in Bridgewater, Mt. Laurel, Kinnelon, Matawan, and Flemington.
Bed, Bath & Beyond's money troubles have been lingering for several years. The Vineland Bed, Bath & Beyond store closed as a cost-saving move in 2019.
So far, the Bed, Bath& Beyond store in Rio Grande has been spared from the closure list.
In total, Bed Bath & Beyond will have shuttered 400 stores in the past year or so — nearly half its U.S. locations.
The retailer has secured a $100 million line of credit from one lender; with that and the offering of convertible stock and warrants, the company hopes to not have to file for Chapter 11 protection.
If this plan falls through, Bed Bath & Beyond said its assets will be liquidated and the company will seek bankruptcy. The company also said it's hired a new chief financial officer on an interim basis., according to NBC News.