Bed Bath & Beyond has included its Palm Desert location among its latest round of 87 store closures across 30 states as the company inches closer to bankruptcy, USA Today reports.
The Palm Desert site, at 72459 state Highway 111, joins 11 other California stores on the termination list, the article said. Meanwhile, Reuters reported on Monday, Jan. 30, the company is preparing to file bankruptcy as soon as this week.
Part of the death blow for the chain was inventory constraints that diminished the variety of in-stock store merchandise customers associated with Bed Bath & Beyond, President and CEO Sue Gove said in a news release from the company.
"Despite more productive merchandise plans and improved execution, our financial performance was negatively impacted by inventory constraints as we partnered with our suppliers to navigate both micro- and macro-economic challenges," she said. "Reduced credit limits resulted in lower levels of in-stock presentation within the assortments that our customers expect."
According to USA Today, the newest wave of store closures is part of the company's ongoing plan to close 150 of its lowest-performing stores in the final quarter of 2022.
Other California locations named for closure are:
3125 South Mooney Blvd., Visalia.
14351 Hindry Ave., Hawthorne.
1905 Calle Barcelona, Suite 100, Carlsbad.
1865 North Campus Ave., Building No. 15, Upland.
10537 4S Commons Drive, Suite 170, San Diego.
10822 Jefferson Blvd., Culver City.
165 S. Las Posas Road, San Marcos.
2385 Iron Point Road, Folsom.
1405 E. Gladstone St., Glendora.
3609 E. Foothill Blvd., Pasadena.
10561 W. Pico Blvd., Los Angeles (Harmon store)
Reuters further said that the company has been negotiating with investment firm Sixth Street for funding to help navigate bankruptcy proceedings. Sixth Street loaned Bed Bath & Beyond $375 million last year. That's when Bed Bath & Beyond reported losses of approximately $393 million after its sales plunged 33% in the third quarter of the fiscal year, which ended Nov. 26.