Bed Bath & Beyond is closing its Lewisville distribution, laying off hundreds, DMN reports - Dallas Business Journal

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Bed Bath & Beyond also is in the process of closing 150 underperforming stores, part of a plan to reduce expenses by approximately $250 million.

The ailing big box retailer is eliminating 374 jobs and closing the facility located at 2900 South Valley Parkway, the New Jersey-based retailer said in a letter to the Texas Workforce Commission. The retailer leased the almost 800,000-square-foot facility in 2016 to fill e-commerce orders.with the Securities and Exchange Commission last week that it doesn’t have enough money to pay down its debts and confirmed that it is considering a bankruptcy filing.

“At this time, the company does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code,” the filing said. On Friday, the chain said it would close 87 more stores, including the entire Harmon drugstore chain, which operates in the Northeast.

Net absorption in Lewisville topped 814,000 square feet last quarter, according to CBRE’s Dallas/Fort Worth Industrial Figures Q4 report. Vacancy in the area is at 4%, and net absorption for the year was about 2.4 million square feet.

 

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