![]() The news looks better at Ridgeway Shopping Center, which will have to fill the huge space Bed Bath & Beyond leaves behind.Īccording to the Urstadt Biddle website, the shopping center has two new tenants filling recently vacated space. But it’s too soon to tell whether they can turn the company around, Business Insider reported. Arnal and investor Ryan Cohen had just been named in a federal class-action fraud lawsuit that claimed they had plotted to “artificially inflate the price of Bed Bath & Beyond’s publicly traded stock,” Business Insider reported.īed Bath & Beyond executives said in a press release that they have secured $500 million in new financing. At the end of August, the company said it would close 150 stores and cut 20 percent of its corporate staff.ĭays later, the chief financial officer, Gustavo Arnal, died falling from the 18th floor of a New York City apartment building. ![]() That quarter, losses amounted to $358 million, Business Insider reported. In June, the company ousted its leaders again. As the new company leaders moved to limit the merchandise assortment, COVID-19 hit, slowing the supply chain and leaving Bed Bath & Beyond shelves empty. In 2019 company leaders were ousted for “failing to adapt to the modern retail landscape,” Business Insider reported. The company, once “at the forefront of the superstore movement in America,” now is on the verge of collapse, Business Insider reported.Į-commerce and competition from Walmart and Target, which offer lower prices, took a toll. 7 news report, “The Rise and Decline of Bed Bath & Beyond,” reporters for Business Insider wrote that the retailer, “the golden child of big-box stores,” has been the nation’s destination for home goods since 1971.īed Bath & Beyond stores, known for their enormous assortment of merchandise, filled strip malls across the country. The retailer’s future is significantly unsettled. The associate at the Bed Bath & Beyond on Hartford Turnpike in Waterford, a small town in southeastern Connecticut, said that store is closing in January. Store associates in Southington and Brookfield said they aren’t sure. The company continues to evaluate its portfolio and leases, in addition to staffing, to ensure alignment with customer demand and go-forward strategy.”Ĭonnecticut has 12 Bed Bath & Beyond stores, including Stamford.Ĭontacted Tuesday, associates at the stores in Norwalk, Fairfield, Hamden, Manchester, Enfield, Guilford, Simsbury and Wethersfield said they are not closing. 31 press release, Bed Bath & Beyond executives announced that the company “has identified and commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores. Merchandise is stacked on wheeled carts as if it’s about to be moved.Ī store clerk said they have not been told yet when the store will close. Inside the store this week, red and white sale signs are everywhere. “Everything must go! Many new reductions!” Over the weekend, though, store customers received a flashing red and white email: “At Stamford, EVERYTHING is on sale!” it reads. There were several additions until the shopping center underwent a significant remodeling and expansion, reopening in 1998.īed Bath & Beyond opened with it, and was a major draw for the busy shopping center known for its big, convoluted parking lot. Ridgeway Shopping Center, with entrances on Summer, Bedford and Sixth streets, was built during the years that followed World War II, opening in 1949, according to Mall Hall of Fame. It shows that the store’s departure will create a huge void.Īccording to the Urstadt Biddle website, the 47,000-square-foot Bed Bath & Beyond is the second-largest tenant, after Super Stop & Shop, at 60,000 square feet. Now, it appears, the Stamford store – which has anchored the Ridgeway Shopping Center for 24 years – is one of them.Ĭalls and emails Tuesday seeking confirmation from Bed Bath & Beyond corporate headquarters in Union, N.J., were not returned.Ī call and an email left for Steven Dudziec, vice president of leasing for Urstadt Biddle Properties, owner of Ridgeway Shopping Center, also were not returned Tuesday.īut the Urstadt Biddle website advertises the Bed Bath & Beyond space for lease. That may be the story, in a nutshell, of the once-beloved retail giant, which last month announced it will close 150 stores. ![]() But then their prices got high and their stuff wasn’t as good.” ![]() “I can’t remember the last time I was here,” she said. If not for the sign, she wouldn’t have gone into Bed Bath & Beyond, Morris said. STAMFORD – Jen Morris was on her way to Staples in the Ridgeway Shopping Center to buy printer paper Tuesday when she saw a bright red sign outside Bed Bath & Beyond. ![]()
0 Comments
Leave a Reply. |