Dawn Furnas//October 27, 2022//
Bed Bath & Beyond will close its Princeton buybuy Baby store “in the coming months,” a company representative confirmed to NJBIZ Oct. 27.
The representative for the brand’s Union-based parent company did not elaborate on the reason for the closure of the 601 Nassau Park Blvd. location or say whether more are expected.
The news was first reported by NJ Advance Media for NJ.com.
On Aug. 31, the retailer announced a strategic plan designed to improve company performance, which included shuttering 150 banner stores. In September, it released the first round of closures, including three New Jersey locations.
President and Chief Executive Officer Sue Gove, who was just elevated from the interim position to the permanent post Oct. 26, is charged with carrying out that plan.
“I am energized by the initiatives underway to provide our customers with an exceptional shopping experience, easily accessible products and compelling values across our Bed Bath & Beyond, buybuy BABY, and Harmon brands,” Gove said in the statement announcing her appointment. “We have a significant opportunity ahead and we intend to regain our dominance as a preferred shopping destination.”
The buybuy Baby brand has been a point of contention in the past few months. On March 6, activist investor Ryan Cohen urged the company to narrow the focus of its strategic turnaround and consider selling the buybuy BABY brand.
However, Bed Bath & Beyond said it sees “strategic potential” in buybuy Baby and will continue to monitor its progress. In August, the retailer promoted Patty Wu – who had served as senior vice president and general manager of buybuy BABY since joining the company in January 2021 – to executive vice president and brand president.