Bed, Bath & Beyond to close three more Minnesota stores

Bed Bath & Beyond is closing another 150 stores, including four in Minnesota, as the troubled retailer attempts to reorganize its finances and stave off bankruptcy.

In a regulatory filing Tuesday, the company revealed plans to close its stores in Minnetonka, Roseville and Rochester. It previously announced plans to shutter its Bloomington store located at Southtown Center.

Last year, Bed Bath & Beyond announced store closings in Eagan, Duluth and St. Cloud. It closed a Coon Rapids location in 2021.

The company so far plans to keep open locations in Apple Valley, Maple Grove and Woodbury.

The home furnishings and cookware retailer has been on the verge of bankruptcy. On Tuesday it closed a last-ditch financing deal by selling $1 billion in equity to the Hudson Bay Capital Management hedge fund. Banks would no longer lend money to the company.

Bed Bath & Beyond, based in New Jersey, expects to keep 360 of its flagship stores open, about half as many as a year ago.

"In response to evolving shopping preferences today, this target store base includes the company's most profitable locations and best geographic presence for customers," the company said in a statement Tuesday.

Bed Bath & Beyond is shutting down its Harmon chain of drug stores, but will also continue to operate about 120 Buybuy Baby stores. That retail brand has one Minnesota location in Woodbury.

In October 2019, Bed Bath & Beyond tapped Mark Tritton — who was then chief merchant at Target Corp. — as its new CEO. Tritton was ousted in June 2022 amid spiraling sales.

The company reported its third quarter fiscal results in January, with sales down 33% to $1.3 billion. The company posted a net loss of $393 million for the quarter, which ended Nov. 26.

The company closed 207 stores during fiscal years 2020 and 2021.