PORTLAND, Ore. (KOIN) – The Beaverton Bed Bath & Beyond will close by the end of 2022, according to a list posted to the company’s website in September.
The store at 2780 SW Cedar Hills Blvd. is one of more than 50 closing by the end of the year. It is the only location in Oregon that’s on the list.
The one Washington store that’s closing is in Lakewood.
In its Business & Strategic Update Presentation from Aug. 31, 2022, the company said, “We are making sweeping changes to serve our customers, drive growth and profitability, and deliver business returns.”
Bed Bath & Beyond said it is evaluating opportunities to augment capital structure and working to regain dominance as the destination for customers, with the products they want and the experiences they seek.
The company said its second quarter sales in 2022 declined 26% from the previous year.
In a press release posted on August 31, Bed Bath & Beyond said it would close approximately 150 “lower-producing” banner stores and cut approximately 20% of its corporate and supply chain workforce.
The company expects those changes will reduce selling, general and administrative expenses by approximately $250 million in 2022.
Bed Bath & Beyond’s chief financial officer Gustavo Arnal died on Sept. 2 after jumping from a luxury highrise in Manhattan. His death was ruled a suicide.
Arnal’s death came days after the company announced it would be closing stores and laying off workers.