Bed Bath & Beyond announced it is closing its Valparaiso location at 91 Silhavy Road, according to a company list released Feb. 7.
The company said it plans to close about 360 stores, along with 120 buybuy Baby stores throughout the U.S.
The company had initiated a plan to turn around sales at the beginning of the third quarter in 2022, but sales continued to decline by 33% compared to last year, according to third quarter fiscal results.
“Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained, and we did not achieve our goals,” said Sue Gove, president and CEO of Bed Bath & Beyond Inc., in a press release.
The company is seeking $800 million more from a public offering of stock that already raised $225 million to help it avoid bankruptcy. Proceeds from the sale will go directly toward paying debts. The company also plans to reborrow loans.
The company cited “evolving shopping preferences today” as the reason why it chose to keep some more profitable stores open. Online sales are expected to increase as a proportion of sales.
“This transformative transaction will provide runway to execute our turnaround plan,” said Gove in a press release. “We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success.”
Gove also said the company is committed to providing the brands and products that customers have grown to love.