Jan. 13, 2023

Bed Bath & Beyond is closing up to 150 stores — but Sioux Falls has been spared.

The national retailer announced closures impacting 30 states this week. Sioux Falls and Rapid City, the only two South Dakota locations, are not on the final list. A partial list of the 150 stores was released in September.

Bed Bath & Beyond this week also reported its earnings for the third quarter, which ended Nov. 26.

At the beginning of the third quarter, the company had initiated a turnaround plan after it recognized “a period when our merchandise and strategy had veered away from their (customers’) preferences,” president and CEO Sue Gove said in a statement.

“Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained, and we did not achieve our goals. We will continue to rebalance our assortment towards national brands and refine our owned brands mix to reflect the deep understanding of our customer, along with the selection and value only we can offer in the home and baby markets. We are actively pursuing higher in-stock levels to meet proven demand.”

The company is on track to close the 150 stores before the end of the fiscal year, which is Feb. 28, along with cutting 20 percent of corporate jobs.

“For decades, Bed Bath & Beyond has set the pace across the sector, and we have commanded our position in retail through many different economic cycles and alongside a continuously evolving customer,” Gove said. “We believe our concrete advantages in defining categories, offering broad and curated selections, and delivering for customers are compelling reasons why we will continue to command a formidable presence in the home and baby categories into the future.”

The company has not ruled out bankruptcy as a potential strategy, it said in a filing earlier this month.