Over the weekend, it was announced that the Canadian operations of Bed Bath & Beyond will be shutting down all 54 stores across the country.
According to court filings dated February 10th, the company is going out of business, just days after the retailer raised enough cash to stave off a US bankruptcy.
The documents revealed the company was heavily impacted by the pandemic, citing supply chain disruptions and inflation, resulting in inventory levels “at historic lows.”
“Further, a significant amount of capital is required to replenish the inventory in Canada, satisfy accounts payable, and rebuild vendor relationships,” states the document by consulting firm Alvarex and Marsal.
As of January 31st, the company employed approximately 387 full-time employees and 1,038 part-time workers across Canada.
Bed Bath & Beyond was granted temporary protection, however, the company had a net loss of $99.5 million for the nine-month period ending November 26th, 2022, according to the filing.
The companies assets were valued at around $480.1 million, while its total liabilities were worth around $429.7 million, as of November 26th of last year.
There is only one Bed Bath & Beyond in Victoria. No closing date has been revealed as of this publication.