the staff of the Ridgewood blog
Paramus NJ, a little over a week since Bed Bath & Beyond announced that Gustavo Arnal, Executive Vice President and Chief Financial Officer of the Company, passed away on September 2, 2022.
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Bed Bath & Beyond announced dozens of the roughly 150 stores it plans to close including the location in the Fashion Center in Paramus.
The struggling home goods retailer released its plans last month to shutter the “lower producing” locations, representing about 20% of its stores.
The closures are part of a broader plan to try to stabilize the company’s finances and turn around its declining sales. In late August, Bed Bath secured more than $500 million in new financing, including a loan, ahead of the key holiday season. Its workforce is getting smaller, too, as it cut its corporate and supply chain staff by about 20%.
What a shame. Yet another company CEO ruining a company just like Eddie Lampert did with Sears.
Yes, the very good looking CFO was involved in a “pump and dump” lawsuit filed against BBB, amongst other things.
Very sad, jumping from his Tribeca condo leaving behind a beautiful wife and two children.
IMO, some of the fallout started when BBB got involved in politics. They lost a lot of customers. The mega corporations should just stay out of politics (whatever side doesn’t matter), and focus on their business.
The upside to this, maybe it will assist some “mom and pop” stores back into existence.
How could Paramus be a “low producing” store…?
There is another store about 3 miles down the road in a mall that is a lot more active than the “Fashion” Center.
Because there was nothing left to buy there and what they had was garbage! A sad comedown for a once-useful store. I was there last month and was shocked by how crummy it was. I really wanted Chef Central, which was gone. Reputable brand names had been replaced by no-name brands, too.
Go woke, go broke.
Speaking of the Fashion Center, somebody told me that the Orange Lantern was sold.
Anyone else hear that……?
I heard that Orange Lantern was sold as well.
Because they have no help and it takes an hour to get through the checkout process. You can’t generate ample revenues if you can’t turn the customers quickly.
Blame it in the famous mailed coupons that no one could understand even at check-out cashiers
Listen the CFO$ don’t give two shits anymore they’re making your money and running. Down the road you are not going to see all these big large stores anymore. 80% of people are buying everything online having it delivered to them. The days of going shopping on the weekends are pretty much over. I feel bad for people losing their jobs and sales. It sucks. Look what they’re going to do at Garden State Plaza it’s going to turn into a little city half shopping, and the other half housing, the stores and malls cannot keep up anymore. Look at the mega Mall in the meadowlands that place is a losing proposition. It will never ever turn out a profit. It would have to be packed seven days a week. This area in five years will look like New York City get the hell out while you can. Look at Ridgewood you can’t even move any more it’s no more Village pets done. It’s looking like Hackensack, and wait till next year when they change all the laws a Bergen County that stores can be open up on a Sunday. Oh yes it’s common. Sunday used to be a day of rest that’s over, the city never sleeps.
The Fashion Center was a legacy store for a once proud company. It generated revenue, but it’s rent was 3 x that of the IKEA location. With the decline of foot traffic in stores it makes perfect sense to close it.
I like to shop in person as opposed to online so I’m disappointed. Our choices are narrowing more and more each year.