Canadian company Bed Bath & Beyond is ceasing operations and will close 54 stores nationwide, according to court documents dated February 10, 2023.
The documents, which can be found on the website of the consulting firm Alvarex and Marsal, say that, despite all efforts, the company’s activities were affected by the pandemic.
The company suffered from supply chain disruptions and inflation, as a result of which the level of inventory was “at a historic low.”
“In addition, a significant amount of capital is needed to replenish stocks in Canada, pay off accounts payable and restore relations with suppliers,” the document says.
For the nine-month period ending November 26, 2022, Bed Bath & Beyond Canada suffered significant losses. The document states that Canadian operations “are not profitable on an independent basis.” The company also operates 11 buybuy BABY stores nationwide.
According to the document, as of January 31, 2023, the company employs 387 full-time employees and 1,038 part-time employees in Canada.
