Bath and Body Works is Closing Down

Question

Over the past couple of days. I have been hearing from a few people that Bath and Body Works is closing stores because of financial issues. However, other people are telling me that they are not closing. I read this article on it but I don't believe it's 100% true because I never heard of the news site before. I would not be surprised if they are closing stores because many businesses are closing stores right now due to bankruptcy. What do you think?

Comments

According to Business Insider, there are plans to open 90 new stand-alone stores and 25 remodels. This plan also includes the closure of 50 locations, but they are all mall-based stores.

https://www.businessinsider.com/stores-closing-in-2023-list#bath-and-body-works-50-stores-8

Answer 1

According to the U.S. Workforce, the net sales of Bath and Body Works fell 4.6%. Covid-19 led to a decline in sales and affected all businesses.

 "The company has closed down 51 stores in total. 50 in the United States and one in Canada."

Some stores are shutting down permanently while others might re-open in the future.

https://www.usworkforce.org/is-bath-and-body-works-closing-permanently/

Answer 2

From the research I have done it does look like bath and body works is shutting down. A business insider article stated that over 50 stores are planning on being shut down this year.

Comments

You mentioned Business Insider as a source -- don't forget to include hyperlinks to all your sources next time. Thanks!

Answer 3

Bath and Body Works is CLOSING?! 

While Bath and Body Works has publicly came out and said they are closing 50 stores, this post is misleading as they are not shutting down their whole company. As Bath and Body Works closes 50 stores, investors claim they are opening and remodeling stores as well. As Bath and Body Works is in the process of opening new stores, closing 50 stores helps with the financial burden. It is common for companies to pull their stores from malls. Customer activity is decreasing, with an increase in online shopping. Besides some mall locations there was no more information offered about which stores are shutting down, nor when this will begin. 

https://investors.bbwinc.com/static-files/254c3222-b962-4574-b36a-fb74a70a55f1 

https://original.newsbreak.com/@bryan-dijkhuizen-1589797/2936646058093-bath-body-works-has-announced-to-close-50-stores-in-2023

Answer 4

There are many mall locations closing. However, this is untrue to say that the company is closing. The company is opening 90 "off-mall locations." According to Best Life, "when factoring in the closures, the company is actually growing its total square footage by 4 percent." So, while there are some locations closing, it is misleading to say that the brand is closing down. 

https://bestlifeonline.com/bath-body-works-closing-50-stores-2023-news/

Comments

It's best to use a source that hasn't been used within the claim (re:bestlifeonline.com). Please dig a bit deeper and find something else, going forward.

Answer 5

They are not closing down as a cooperation, they are closing stores. 

"Although the olfactory factory is in fact expanding its retail footprint this year with 90 new standalone stores and 25 remodels, it told investors the move will involve the closure of about 50 of its mall-based stores. Bath & Body Works' net gain comes as a loss for US malls that are seeing an exodus of legacy tenants." -https://www.businessinsider.com/stores-closing-in-2023-list#bath-and-body-works-50-stores-4

Answer 6

Bath and Body Works is not closing down its stores or production. Instead, they plan to close 50 stores in malls in 2023. However, the company plans to expand its retail footprint with 90 new standalone stores and 25 remodels. This is a strategic closure for the company since it has a healthy financial position. According to Longview News-Journal, "the company had no debt maturities until 2025 and a total of approximately $600 million coming due over the next 4 years."

Bath & Body Works is prepared for lower demands in candles, soaps, and other beloved goods. This is because of both inflation and experimental spending meaning the company has decided to take a new path of selling its products.

- https://www.news-journal.com/arena/thestreet/bath-body-works-shutting-dozens-of-stores/article_06377e05-5efc-533a-9dd3-28900c631fdf.html#:~:text=In%202023%2C%20Bath%20&%20Body%20Works%20plans,coming%20due%20over%20the%20next%204%20years.

- https://www.businessinsider.com/stores-closing-in-2023-list#:~:text=Bath%20&%20Body%20Works:%2050%20stores%20Although,of%20about%2050%20of%20its%20mall%2Dbased%20stores.

Answer 7

Bath and Body Works isn't going out of business. According to Best Life, they are closing 50 mall stores out of their roughly 1800 locations. Business Insider also lists them in an article, saying that 50 stores will be closing this year. So no, they are not going out of business, but closing just a very small percentage of their stores.

https://www.businessinsider.com/stores-closing-in-2023-list#bath-and-body-works-50-stores-8

https://bestlifeonline.com/bath-body-works-closing-50-stores-2023-news/

Answer 8

The claim "Bath and Body Works is Closing Down" is not true. Bath and Body Works is closing down some stores across the country, but not as a whole company. In a Business Insider article, Bath and Body Works was highlighted as one of the major companies that has a large number of stores closing in 2023. Yet, with 50 stores closing in this year, that does not mean that they are gaining nothing. The 50 stores that are closing are mall-based stores, but Bath and Body Works is actually expanding as they are adding 90 standalone stores and 25 remodeled stores. 

https://www.businessinsider.com/stores-closing-in-2023-list#gap-and-banana-republic-46-stores-9

Answer 9

This is exaggerated/misleading. From BestLife: https://bestlifeonline.com/bath-body-works-closing-50-stores-2023-news/

"According to commentary published ahead of its fourth-quarter earnings call on Feb. 23, the company is closing roughly 50 mall stores this year."

"In a press release outlining fourth quarter results, Bath & Body Works confirmed that its net sales decreased by 4.6 percent, when compared with the same quarter in 2021" 

Bath and Body Works isn't closing down everywhere, just in certain locations. In many malls still around, you can still find a Bath and Body Works today.

Answer 10

While you are partly true, Bath and Body works are closing some stores, although the company as a whole is not shutting down. According to Business Insider, Bath and Body Works, along with a lot of other retailers like Bed Bath and Beyond, CVS, and Walgreens, are all closing stores this year. Bath and Body works is closing down 50 stores this year in malls, but last year they opened 90 new stand alone stores. Based on this information, it seems like the company is just moving away from malls in hopes of making more profit outside of them. 

https://www.businessinsider.com/stores-closing-in-2023-list#bath-and-body-works-50-stores-8