Bed Bath & Beyond dumps Aberdeen store, closes Harmon chain as it struggles to stay afloat

David P. Willis, Asbury Park Press
·3 min read
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Harmon, the discount beauty, health and cosmetics retailer, is going out of business, part of the latest round of store closures announced by its troubled parent, Bed Bath & Beyond.

Union-based Bed Bath & Beyond is closing all of its 50 Harmon stores, including its six in Monmouth and Ocean counties. On Tuesday, the retailer said it is closing its Bed Bath & Beyond store on Route 34 in Aberdeen.

"Store closing sales will commence and continue over the next few weeks and months," the company said. "While this decision is difficult, local customers can still find their favorite health, beauty and wellness products at nearby Bed Bath & Beyond stores" and online.

Bed Bath & Beyond is caught in a maelstrom of troubles as a drop in sales and fewer customers in its aisles has caused it to warn Wall Street that it may be unable to pay its credit facilities. Its suppliers have tightened credit and deliveries, which has led to fewer products on store shelves, the company said.

Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.
Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.

The result: sales for the three months ended Nov. 26 dropped by about 33% compared with the same period in 2021 and its net loss widened.

In a filing last week with the U.S. Securities & Exchange Commission, Bed Bath & Beyond said it may have to file for bankruptcy.

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Executives have made several moves, including a decision last year to shutter 150 of its flagship Bed Bath & Beyond stores, including its stores on Route 9 in Manalapan, East Ridgewood Avenue in Paramus and International Drive South off Route 206 in Flanders.

Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.
Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.

It cut 20% of its corporate and supply chain workers. It worked to align its inventory to match customer preferences and bring back popular national brands such as KitchenAid, Calphalon and Oxo. At the same time, it reduced the amount of its own private label brands in stores and eliminated some altogether.

Earlier this month, Sue Gove, the company's CEO and president, said the efforts fell short. "Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals," she said in a Jan. 10 statement.

On Monday, the company said that besides shuttering Harmon, it has initiated plans to close an additional 87 Bed Bath & Beyond stores and five buybuy Baby stores. The list of additional Bed Bath stores to close, including the one in Aberdeen and four others in New Jersey, was released Tuesday.

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Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.
Exterior of Harmon on Route 9 in Towne Pointe Center in Manalapan, NJ Monday, January 30, 2023. Bed Bath & Beyond is closing all of its Harmon stores as it tries to avoid bankruptcy.

As of Nov. 26, it had 949 stores, including 762 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, and 137 buybuy Baby stores.

"As we consider all paths and strategic alternatives, we continue to work with our advisors and implement actions to manage our business as efficiently as possible," Bed Bath & Beyond said in a statement.

David P. Willis, an award-winning business writer, has covered business and consumer news at the Asbury Park Press for more than 20 years. He writes APP.com's What's Going There column and can be reached at dwillis@gannettnj.com. Join his What's Going There page on Facebook for updates.

This article originally appeared on Asbury Park Press: Harmon stores shutting down, Bed Bath & Beyond in Aberdeen closing too