STRONGSVILLE, Ohio (WJW) — The Bed Bath & Beyond along Royalton Road is one of the retailer’s six Ohio stores set to close amid its mounting financial challenges.
The store at 16700 Royalton Road, Strongsville, was added Tuesday to the retailer’s store closure list, as well as another Ohio store along Old Troy Pike Road in Huber Heights.
The company previously announced stores in Cincinnati, Hamilton, Perrysburg and Sandusky would close.
The retailer last week warned investors the company may be headed for bankruptcy, noting slowing sales and decreased foot traffic, The Hill reported. In its final third-quarter earnings report released Tuesday, it announced a nearly $393 million loss.
In August, the company announced it would close about 150 stores by the end of the 2022 fiscal year.
“We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference,” President and CEO Sue Grove said in a statement. “We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals.”
Shares of Bed Bath & Beyond (NASDAQ: BBBY) have fallen more than 85% over the past year and were trading at just under $2 immediately following Tuesday’s earnings report.