You knew it was coming, with all the bankruptcy rumblings in the news, but yes, Bed Bath and What's More is closing its only San Francisco store.
The place could already be picked over, weeks after warnings went out in the media that you should use up that pile of never-expiring coupons while you can. But the Bed Bath & Beyond location at 555 Ninth Street — otherwise known as the Trader Joe's complex at Ninth and Bryant — is slated to close.
As the SF Business Times reports, the store was added to a list of planned store closures made in an SEC filing on Tuesday, along with a store in Vacaville. A closure date has not been announced, and reps for the store/landlord did not comment on the story.
On Tuesday, there was some good news for the company, which raised $1 billion to stave off bankruptcy, just as it announced it would close 150 more stores nationwide. As CNN reported, this is on top of the 87 closures announced a week earlier, bringing the total to around 400 closures in the last year. This represents nearly half of the 950 stores the chain had as of this time last year.
The company raised the billion dollars through "an offering of preferred stock and warrants," per CNN. And they've installed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
After all the closures are complete, the company plans to have 360 remaining Bed Bath & Beyond stores, and 120 buybuyBaby locations.
Just about a week ago, the company said it had defaulted on a loan, and that it may just go out of business.
Per the Business Times, there are still about a dozen Bed Bath & Beyond locations around the Bay Area, though other store closures have been announced in Milpitas, Larkspur, San Leandro, Campbell, and San Jose.
This announcement leaves one and a half large retail spaces empty in the 555 Ninth complex, after the Container Store completes its move into half of the former Nordstrom Rack space sometime this year.
Top image: A store closing sign is posted on the front door of a closed Bed Bath and Beyond store on February 08, 2023 in Larkspur, California. One week after home retailer Bed Bath and Beyond announced plans to close 87 of its stores the company added 150 stores to that list of closures in an effort to stave off bankruptcy. (Photo by Justin Sullivan/Getty Images)