Bed Bath & Beyond Wynnewood store among 150 locations set to close

The Bed Bath & Beyond store is located at 70 E. Wynnewood Road in Wynnewood, Montgomery County.

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Friday, September 16, 2022
Bed Bath & Beyond closing about 150 stores, laying off 20% of workers
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The company said it was reducing 20% of its workforce and closing about 150 namesake stores, but it will keep its Buy Buy Baby chain.

WYNNEWOOD, Pennsylvania (WPVI) -- Bed Bath & Beyond has released a list of stores that will be closing and it includes a Delaware Valley location.

The Bed Bath & Beyond store at 70 E. Wynnewood Road in Wynnewood, Montgomery County is set to close.

The list includes three stores in northern New Jersey, as well.

In August, the chain announced a restructuring that includes the closure of around 150 stores, layoffs and a possible stock offering.

The company said it had obtained more than $500 million of new financing and was reducing 20% of its workforce.

Although it is closing 150 namesake stores, it will keep its Buy Buy Baby chain.

Bed Bath & Beyond also said that it would go back to its original strategy of focusing on national brands, instead of pushing its own store labels.

Days after the company's announcement, Gustavo Arnal, the chief financial officer of Bed Bath & Beyond, was found dead after falling from a Manhattan high-rise apartment.

A law enforcement source told CNN that he jumped to his death from the 57-story skyscraper.

Bed Bath & Beyond is "profoundly saddened by this shocking loss," a company spokesperson said.

Arnal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a "pump and dump" scheme to artificially inflate the price of the company's stock.

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The CNN Wire contributed to this report.