Another Bed, Bath & Beyond store will be closing soon in the Charlotte region
Another Charlotte-area Bed, Bath & Beyond store will be closing as the home goods retailer shutters another 150 stores nationwide.
Bed, Bath & Beyond will close the Franklin Square store in Gastonia at 401 Cox Road, according to a company closing list updated Tuesday.
Another local store, The Arboretum at 3413 Pineville-Matthews Road in south Charlotte, also permanently closed in the fall. It was in the first round of 150 store closings announced in September.
Four other North Carolina stores also will be closing: 1835 Catawba Valley Blvd. S.E., Hickory; 521 Strickland Road, Raleigh; 3160 Evans St., Greenville; and 1463 University Drive, Burlington.
The incremental store closures nationwide are part of the New Jersey-based home goods retail chain’s turnaround strategy to stave off bankruptcy.
Bed Bath & Beyond will ultimately slice in half the number of stores it had a year ago to 360 stores and 120 buybuyBaby stores nationwide, the company said Tuesday. As of May, the company had 955 stores, The Charlotte Observer previously reported.
It’s unclear when the Gastonia store will close. Bed, Bath & Beyond officials did not immediately respond to a request for comment Wednesday.
Retailer struggles
Also on Tuesday, Bed, Bath & Beyond said it raised over $1 billion through an offering of preferred stock and warrants to repay outstanding loans, according to a news release. The retailer had said it had defaulted on a loan and may not be able to remain in business, raising concerns about its future.
The company’s strategy for turnaround includes streamlining supply chain, technology, expense structure, and business processes.
Bed Bath & Beyond has struggled with declining sales. Net sales fell 33% to $1.3 billion compared to a year ago during third-quarter ending in Nov. 26, the company reported last month.
Bed, Bath & Beyond stores around Charlotte
There are 21 Bed, Bath & Beyond stores in North Carolina, according to the company website.
Along with Arboretum and Gastonia, other locations in the Charlotte region are: 9559 South Blvd., Charlotte; 10530 Northeast Parkway, Matthews; and 627 River Hwy., Mooresville. in 2020, Bed Bath & Beyond closed a store Concord Mills mall.
The company has about 34,000 employees, according to a 2021 company report.
This story was originally published February 8, 2023 at 11:49 AM.