Capital Region Stores At Risk: Huge Retailer Preps For Bankruptcy
A major US retail chain is expected to file for bankruptcy in the coming weeks, and it could bring an end to their multiple Upstate locations. Executives have “substantial doubt about the company’s ability to continue” after a dismal 2022, including a 40% drop in revenue.
No brand is safe from bankruptcy in the “retail apocalypse” - Toys ‘R’ Us, Regal Cinemas, even New York-based cosmetic behemoth Revlon have all filed for Chapter 11 in the last five years. Now with store closings and massive layoffs in store for 2023, a home goods giant may completely collapse.
“Too Far Gone”
Bed Bath & Beyond could file for bankruptcy as soon as this weekend, according to the Wall Street Journal. The company’s regulatory filing on Thursday made shares plummet 30% to an all-time low for the half-century old retailer. A GlobalData Retail release to CNN says the company is “too far gone to be saved in its present form” and “All of this points to bankruptcy as being the most likely outcome.”
Bed Bath & Beyond entered the new year as one of the top retailers at risk, alongside brands like GameStop, Express, Party City, and Rite Aid. Last August, BB&B announced they would be closing around 150 of their 708 US locations in 2023. Five of the 56 currently announced are in New York, with two in Upstate: Plattsburgh and New Hartford.
What Will Happen To Bed Bath & Beyond’s Capital Region Locations?
Bed Bath & Beyond still has two Capital Region locations: on Wolf Road across from Colonie Center and in Saratoga Springs near Wilton Mall. These stores could still be included in the 150 to close, but if Bed Bath & Beyond completely goes under this month all 700+ may go.