Bed Bath & Beyond, a US-based retailer, has announced that it will be closing all of its Canadian operations and stores after filing for insolvency. The closure of 54 Bed Bath & Beyond stores, as well as 11 of the company’s buybuy BABY locations, will result in a significant amount of retail space being left vacant across Canada.
The Canadian division of the company was declared insolvent, and Alvarez & Marsal will help wind down the Canadian store operations in the coming weeks, which is expected to include clearance sales prior to store closures. Bed Bath & Beyond’s US division, however, has managed to raise cash to stave off bankruptcy.
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As of this month, Bed Bath & Beyond had almost 390 full-time Canadian employees and 1,038 part-time workers. The company’s real estate strategy in Canada involved opening large stores in a mix of shopping centers, strip malls, and big-box centers. Landlords with properties occupied by Bed Bath & Beyond will have to re-tenant these retail spaces, presenting both challenges and opportunities to add new, more robust retailers to the mix. It’s not known exactly how much space Bed Bath & Beyond and buybuy BABY occupy in Canada.
According to court filings, as of November 26, 2022, Bed Bath & Beyond Canada had assets worth about $427.4 million and liabilities of around $342.8 million. Meanwhile, buybuy BABY Canada had assets valued at about $52.7 million and liabilities of $86.9 million. In the US, the company’s retail stores are also struggling, with plans to decrease its 1,000 nationwide stores to just 360, according to Business Insider.
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