CLARKSVILLE, TN (CLARKSVILLE NOW) – A household retailer is closing doors in Clarksville as part of a nationwide initiative to cut their brick-and-mortar operations in half.
According to the Wall Street Journal, Bed Bath & Beyond missed interest payments on its bonds on Feb. 1, which was a week after the banks sent the company a notice of default.
According to Insider Business, the company announced the same day that it would be closing 87 locations, including all of its remaining Harmon health and beauty stores as well as five Buybuy Baby stores.
Now, the company has announced they will be closing an additional 150 Bed Bath & Beyond locations, one of which is located in Clarksville at 2829 Wilma Rudolph Blvd.
Bed Bath & Beyond will still have approximately 360 stores, in addition to approximately 120 Buybuy Baby stores. “In response to evolving shopping preferences today, this target store base includes the company’s most profitable locations and best geographic presence for customers that can enable an optimal omni-experience,” the company said in an official statement.
In addition to the closures, the company announced on Tuesday details of an offering of Series A convertible preferred stock and warrants. Bed Bath & Beyond said it will receive about $225 million from the offering, together with an additional $800 million in gross proceeds.
The company explained in a news release that they intend to use the net proceeds from the initial closing of the offering, along with $100 million to be drawn under its amended and upsized FILO Facility, to repay outstanding revolving loans.
With that, the company has narrowly escaped bankruptcy for the time being.
“We have been conducting a comprehensive, store-by-store analysis of our portfolio that will enable us to serve our customers, where they are, well into the future,” Bed Bath & Beyond said.
Here is the full list of closures.