Bed Bath & Beyond closing all Manhattan stores except for 1
NEW YORK (WABC) -- Bed Bath & Beyond has announced it's closing more stores, including ones in the Tri-State area.
The chain is closing all of its New York City locations except the one in Chelsea.
Stores on the Upper West Side and in Kips Bay are shutting down.
Nationwide, the company is shuttering 150 stores in a last-ditch attempt to avoid bankruptcy.
The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company's common stock. The funds will be used to pay off its debt, it said.
You find a list of the all the stores that are closing, online.
In early January, Bed Bath & Beyond warned that it may need to file for bankruptcy. A few weeks later, it said it was i n default on its loans and didn't have sufficient funds to repay what it owes.
The latest store closures come as the chain has been reducing its footprint dramatically over the past year. According to a regulatory filing, it will have shuttered more than 400 stores, nearly half of its fleet. That includes the remaining 50 standalone Harmon Face Value Stores, which sells beauty and household products. The company said it anticipates keeping 360 of its namesake stores in addition to 120 BuyBuy Baby stores.
Bed Bath & Beyond also said in the filing that it expects sales at stores opened at least a year to be down anywhere from 30% to 40% during its first fiscal quarter, with "sequential quarterly improvement after that."
(The Associated Press contributed to this report.)
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