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Dire situation for the retailer
Bed Bath & Beyond has determined that it may have to file for business bankruptcy to keep afloat among poor sales and earnings results. Sales have significantly declined as customers have spent their money elsewhere. The company is also having trouble keeping goods in stock as it faces financial difficulties and trouble retaining a good relationship with its suppliers.
In midst of all these problems, the retailer has announced multiple store closings in California and other states. Customers have also turned to online retailers like Amazon for home goods or simply choose to keep their older household items longer. Threats of a recession don’t help its cause, either.
While the retailer continues to lose money, it plans to close California brick-and-mortar stores in Antioch, Buena Park, Chula Vista, La Habra, Sacramento, San Jose, Valencia and Vallejo.
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