The rash of Bed Bath & Beyond closings has hit the Twin Cities.
The New Jersey-based home goods retailer will close the Coon Rapids store in Riverdale Village by mid-February, according to store employees.
It is one of 43 Bed Bath & Beyond stores that will close by the end of February. Last July, company officials said that 200 of its namesake stores, more than 20% of its total, would close in two years.
Discounts are 30 to 50% throughout the store. The popular 20% off coupons that flood mailboxes are not valid at stores going out of business.
The Coon Rapids sale started in late December, although the company did not formally announce the most recent spate of closures until last week. The store at 12773 Riverdale Blvd. is one of only a few closures in the Midwest.
Last week Bed Bath & Beyond reported a decline of 5% in sales for the third quarter; same-store sales increased 2%.
In October, former Target chief merchant Mark Tritton took over as CEO. Tritton was responsible for a successful reboot of Target’s private-label brands. He will begin adding up to 10 private labels at Bed Bath & Beyond this year.
In addition to more than 900 nameplate stores — 11 in Minnesota — the company also owns Buybuy Baby stores and Harmon Face Values.
In December, the company announced the sale of more than 260 Cost Plus World Market stores, including two in Bloomington and Maple Grove.
A few industry watchers such as Forbes and the National Law Review have put Bed Bath & Beyond on a bankruptcy watch list for 2021.
John Ewoldt • 612-673-7633