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Bed Bath & Beyond advances to bankruptcy

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April 26, 2023

Bed Bath & Beyond formally filed for Chapter 11 this week and plans to shutter its 360 stores and 120 buybuy Baby locations.

The beleaguered retailer already closed 400 stores in the past year, according to a CNN report.

Three years ago, in 2020, the brand announced it was shuttering 63 stores by the end of the year as part of a restructuring initiated by the ongoing COVID-19 pandemic.

The news comes as UBS, an investment bank, is predicting that 50,000 retail stores in the U.S. will close over the next three years.

The locations are already being gobbled up by other retailers, according to CNN, with HomeGoods, TJMaxx and Ross taking up the storefronts.

"E-commerce scared a lot of people off from building retail," Brandon Isner, the head of retail research at CBRE, a commercial real estate firm, told CNN. "A lot of great real estate is going to come available into a market where there's been no vacancies. It will not take long for retailers to occupy those spaces."