KIRKLAND’S CEO has confirmed the opening date of their first of its kind Bed Bath & Beyond store following their bankruptcy filing.
The furniture giant is accelerating plans following its multi-million dollar investment in the home retailer.
GettyKirkland’s plans to open its first Bed Bath & Beyond store later this year, although a firm date has not been set yet[/caption] AFPKirkland’s recently completed its investment in Bed Bath & Beyond’s parent company Beyond worth $25million[/caption]This news has come less than a month after a deal between Bed Bath and Beyond and Kirkland’s was finalized in February.
Amy Sullivan, CEO of Kirkland’s, commented: “Plans are underway for our first Bed Bath & Beyond store opening later this year, and we look forward to continuing to explore opportunities to maximize the value of our partnership.
“We enter fiscal 2025 with additional capital, new opportunities for growth and an intense focus on aggressively addressing underperforming assets and delivering improved profitability.”
She later commented when the Bed Bath & Beyond store was announced on February 18: “As we enter our next chapter with new assets through our partnership with Beyond, Inc., we are positioned to leverage our collective family of brands as we drive towards our path to profitability.
“Over the past year we delivered significant improvement in key operating metrics while driving consistent positive comparable brick-and-mortar store sales growth as we worked to stabilize the core Kirkland’s Home business during the first phase of our transformation.”
Kirkland’s recently completed its investment in Bed Bath & Beyond’s parent company Beyond worth $25 million.
Little detail is known about the upcoming store, or where it will be located in the US.
Kirkland’s sees this as a way to improve their e-commerce performance and use Bed Bath & Beyond‘s expertise to further their company.
They intend the Kirkland’s Home brand to be the exclusive private label assortment for everyday basics and décor in Bed Bath & Beyond stores.
The company has also identified an initial list of approximately 6% of our stores that do not meet our profitability standards in their current format.
Actions are being taken to address these locations.
Kirkland’s currently operates 317 stores in 35 states in the US, was founded in 1966.
NEW APPLE STORE
In more store opening news, consumers will soon see an Apple store in Detroit, Michigan, per The Detroit News.
Detroit is now under the store list for Apple Store locations in Michigan, however details are light – Apple‘s website only notes it will be “coming soon.”
“Apple Downtown Detroit is now hiring. Imagine what you could do here,” the site advertises.
Links to available jobs at the soon-to-arrive store were also included.
Currently, there are six other Apple Stores in Michigan, though all in suburban areas and malls: Ann Arbor, Clinton Township, Grand Rapids, Lansing, Novi, and Troy.
The nearest locations to Detroit’s downtown business district are about 25 miles away in Clinton Township and Troy.
Apple currently has 274 stores in the United States.
US braces for '45,000 store closures'
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
Some suspect the Apple Downtown Detroit will be located along Woodward Avenue, as it was teased in November 2023 by billionaire and entrepreneur Dan Gilbert.
Gilbert said he’d been trying to get Apple to put a location in the central business district of the city since at least 2011 through his real estate company, Bedrock LLC.
“We’re getting close on Apple, but we’re not there yet — so don’t print that,” he noted while speaking at the Detroit Free Press Breakfast Club event.
A location on Woodward Avenue, Detroit’s main thoroughfare, would join multiple high-end restaurants and a new Savage X Fenty location that opened in August.
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