Bed Bath & Beyond to close stores in Stamford and Waterford – mySA

Bed Bath & Beyond included Stamford and Waterford stores among some 150 slated for closure, as the retailer lays off 20 percent of its workforce at the doorstep to the 2022 holidays in a bid to return to profitability.

In Stamford, Bed Bath & Beyond is one of the anchor retailers at Ridgeway Shopping Center on Summer Street. The Waterford store is located at the Crystal Mall.

Over three months between March and May, Bed Bath & Beyond lost $358 million as revenue dropped 25 percent from a year earlier to below $1.5 billion. As of June, the company’s immediate liabilities and long-term debt totaled $3.4 billion, against overall assets of just under $5 billion.

In June, the company announced it had replaced former CEO Mark Tritton with board director Sue Gove. The company is scheduled to release its latest financial results in two weeks under Gove’s tenure as interim CEO.

“We are going to be focusing our resources on the things that are going to drive immediate results,” Gove stated in a June conference call. “The next several months are going to be critical for us.”

Bed Bath & Beyond is closing three stores in its home state of New Jersey where it has its headquarters in Union, as well as five in New York including Mount Vernon in Westchester County and Farmingdale on Long Island. Three Massachusetts stores are closing in Milford, Seekonk and Boston’s Dorchester neighborhood.

Surviving the latest cuts are Bed Bath & Beyond stores in Norwalk, Brookfield, Fairfield, Guilford, Hamden, Southington, Simsbury, Wethersfield, Enfield and Manchester. Five Connecticut stores were closed after the 2020 holidays, in Danbury, Milford, Shelton, Farmington and Torrington.

Alex.Soule@scni.com; @casoulman

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