CNBC also reported that thrifty upper management failed to invest in technology to create an efficient online presence to be competitive with online companies, such Amazon. The CEO and founders left the company, while rewarding themselves with fat compensation packages. Other category killers are Home Depot and Lowe’s in hardware Petco and Petsmart in pet supplies and Best Buy in electronics.ĬNBC reported that Investor Activists entered the scene, claiming Bed, Bath & Beyond was poorly managed. In the store’s retail strategy, company leaders at Bed, Bath & Beyond were thrifty individual store managers were allowed to make purchases to meet the demand of local communities and Bed, Bath & Beyond became known as a category killer in housewares. Charles).įrom 1998, Bed, Bath & Beyond experienced growth in net income (peaking at $1.03 billion in 2013 after a dip in 20), but net income steeply and consistently declined beginning in 2014 and the first net income loss occurred in 2019. Currently the brand name World Market is owned by Front Burner LP with 242 locations in the United States, and seven locations in Illinois (Chicago, Crystal Lake, Evanston, Kildeer, Naperville, Oak Brook, and St. There was immediate concern about the viability of Cost Plus World Market, and the store closed at the end of December 2020.Ĭost Plus was sold to private-equity firm Kingswood Capital Management in February 2021. – acquired by Bed, Bath & Beyond in May 2012 - operated as World Market and Cost Plus World Market, which was located at an outlot of Randhurst Village. including Chicago, Chicago Ridge, Crystal Lake, DeKalb, Deerfield, Downers Grove, Forest Park, Gurnee, Kildeer, McHenry, Schaumburg, Skokie, Vernon Hills, Wilmette, and Willowbrook.Ĭost Plus, Inc. When the Mount Prospect store closed, Bed, Bath and Beyond had over than 1,500 stores in the United States, Puerto Rico, Canada and Mexico. In 2022, Bed Bath & Beyond had less than 1,000 locations. Steve and Barry’s sports and casual clothing store closed at Randhurst in September 2008 in the midst of the conversion. Kohl’s moved out of Randhurst to Elmhurst Road and Dempster Street in 2003. JC Penny and Montgomery Ward closed their Randhurst stores in 2001. The indoor mall version of Randhurst had opened in August 1962 with anchor stores Montgomery Ward, Wieboldt’s, and Carson Pirie Scott. The Mount Prospect Sports Authority, located next door to Bed, Bath and Beyond, survived a round of store closings in March 2016, but Sports Authority closed all of its 450-plus stores in May 2016.Ĭarson Pirie Scott closed in June 2018 after operating at Randhurst for over 50 years - surviving the first round of Carson’s closures in February 2018, a move from their original location to the empty Wieboldt’s location, and the conversion of the indoor version of Randhurst Mall to the outdoor version of Randhurst Village from 2008 to 2011. Sports Authority moved from Arlington Heights to Mount Prospect in August 2010, but the company filed for Chapter 11 bankruptcy protection in March 2016. ![]() ![]() The closure occurred about the time of the beginning of the COVID-19 pandemic.īed, Bath and Beyond was the third major store to close their doors at Randhurst Village, since the completed conversion of the Randhurst indoor mall to the outdoor “lifestyle center” format of Randhurst Village in 2011. ![]() Initially, company officials did not provide a list of the 60 stores that are closing, but officials in Mount Prospect confirmed the Bed, Bath & Beyond at 1057 North Elmhurst Road was closing. Bed, Bath and Beyond announced in early October 2019 that 60 stores would be closing, and Mount Prospect was one of the locations set for closure. Bed Bath & Beyond was best known for its generous coupon policy, but critics say the once ubiquitous chain ignored the threat from newer, nimbler online rivals like Amazon (CNBC).īed, Bath and Beyond ( BBBY=17.28/Yahoo! Finance) at Randhurst Village in Mount Prospect was set for closure in 2019 - a disappointment to many shoppers from Mount Prospect, Arlington Heights and Prospect Heights. Bed Bath & Beyond became a massive homegoods retailer with a decentralized structure and a focus on keeping customers happy.
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