As part of a wave of closures nationwide, houseware retailer Bed Bath & Beyond will soon shutter its Old Troy Pike location in Huber Heights amid the company’s growing financial struggles.
Following the release of unfavorable third quarter 2022 fiscal results, the retailer on Tuesday announced an updated list of scheduled closures across the country, which includes six locations in Ohio. Along with Huber Heights, stores are set to close in Sandusky, Hamilton, Cincinnati, Perrysburg, and Strongsville.
In a statement earlier this month, BB&B reported an anticipated third quarter net loss of $385.8 million, as compared to a net loss of $276.4 million the year prior.
The company attributes the mounting losses to inventory constraints and economic challenges.
“Reduced credit limits resulted in lower levels of in-stock presentation within the assortments that our customers expect,” BB&B said in the release.
The statement continues by affirming the company’s plan to continue efforts to improve its cash position and mitigate any potential risk to meeting its financial obligations, however, it noted there is “substantial doubt” about the company’s ability to stay afloat.
According to the company, all “strategic alternatives” will be considered—from refinancing debt to filing for bankruptcy—but the statement acknowledges, “These measures may not be successful.”
The company first announced in August 2022 its plan to close a total of 150 stores.
In a statement to this newspaper, a representative for BB&B said this plan is part of the company’s ongoing “optimization strategy.”
“Through store optimization, we regularly evaluate each location based on a variety of factors, including lease renewal and proximity to our other stores,” the statement reads.
The representative said employees affected by the store closures “may be offered positions in neighboring stores, in addition to other benefits.”
The company has not responded to requests for details regarding the exact date of closure for the Huber Heights location, and employees at the store said this information has not been disclosed to them.
The Huber Heights store is advertising liquidation sales of 30% to 50% all merchandise.
The BB&B location in Sugarcreek Twp., at 6142 Wilmington Pike, remains open and does not currently appear on the list of planned closures.
In the same area of Huber Heights, on the other side of Old Troy Pike, The Children’s Place clothing store has also announced plans to close next month due to growing financial troubles.