Bed Bath & Beyond announced Jan. 10 it is closing six locations in Southern California, including in Valencia, Palmdale, Burbank, La Habra, Lakewood, and Buena Park.
The popular department store is planning on closing 150 out of 708 stores across the United States and has thus far announced 126 of the locations set to close. Officials did not specify when these locations would close.
These closures are due to “lower customer traffic and reduced levels of inventory availability,” according to the company.
The announcement of store closures came in August, when company executives said they would be cutting their workforce by 20 percent.
A follow-up news release on Tuesday confirmed the company was on track with this plan and hinted their future likely involved declaring bankruptcy.
CEO of Bed Bath & Beyond Sue Gove said in the release the company had identified which products customers were beginning to lose interest in and swiftly acted to change their assortment; however, they have not been able to achieve their goals.
She said the store closures would allow the company to distribute resources according to customer demand in a “streamlined” fashion and ensure it keeps in-store supplies fully stocked.
“We want our customers to know that we hear them and are charging ahead every day to meet their needs,” Gove said in a statement. “Our entire organization is laser-focused on maximizing the value of our company by reconnecting with our customers.”
During the company’s third quarter of the fiscal 2022 year, it announced a 33 percent decline in net sales.
