Bed Bath & Beyond to close Dartmouth store
Shoppers looking for household items will have one less option in town, as the Bed Bath & Beyond at 458 State Road will be shutting down, company officials announced in its latest round of closures on Jan. 30.
An official date was not provided, but a spokesperson noted it will happen “in the coming months.”
“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a spokesperson said.
Stores in Burlington, Dedham, Raynham and Pittsfield will also cease operations, according to Bed Bath & Beyond’s updated list of closures.
The announcement comes after the retailer said in early January that it did not have enough money to pay its debts and that it had defaulted on its credit line with JPMorgan.
In a filing with the federal government’s Securities and Exchange Commission, the company said that “supplier constraints and vendor credit line decreases” led to lower inventories across its stores and a decrease in sales in the third quarter of the fiscal year.
“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 read.
The homegoods retailer first opened in New Jersey and New York in 1971. Although founded outside the South Coast, its founders Warren Eisenberg and Leonard Feinstein both got their start in this region.
A Wall Street Journal article published last month notes that the two met while working at Arlan’s, a discount department store that was founded in New Bedford in 1945 and closed in 1973.
According to the article, Eisenberg and Feinstein worked for the company for years, until they left in 1969 to start their own retail business at the time they called “Bed n' Bath.” The business changed to its current name in 1987.
After opening hundreds of stores across the country, Eisenberg and Feinstein retired from the business in 2014 and were “forced off” the board of the company in 2019, the Wall Street Journal reports.
As the Dartmouth location starts to cease operation, all items are currently on sale for 20% off.
This story has been updated to include background on Bed Bath & Beyond’s South Coast roots.