Bed Bath & Beyond is closing all stores in Canada

Bed Bath & Beyond is closing all stores in Canada according to a court filing on Friday. 

This comes only two days after the U.S. division announced that they'd raised enough money to avert bankruptcy. 

According to the court filing posted on the website of consultancy firm Alvarez & Marsal, it states that "The Bed Bath & Beyond Group has been in financial difficulty for the past several years, suffering significant net losses since 2018."

The filing goes on to note that despite efforts to improve financial performance, the pandemic and the current economic downturn disrupted operations and put them in a financial strain.  

Bed Bath & Beyond Canada is apparently not profitable on a standalone basis, and is not able to pay off their debts. 

The company will be liquidating all 54 Bed Bath & Beyond stores in Canada and terminating its 387 full-time and 1,038 part-time employees.

Its sister store buybuy BABY Canada will also be ceasing operations.