As Bed Bath & Beyond liquidates and closes its Canadian locations, new and notable retailers have stepped forward to take over the storefronts left behind.
Prior to filing for insolvency in February, the Bed Bath & Beyond Group operated 54 stores in nine provinces, as well as 11 buybuy Baby stores.
On May 2, Canadian Tire announced that it has acquired 10 leases formerly held by Bed Bath & Beyond. The $1.6M deal represents more than 242K sq. ft. of retail space in Ontario, British Columbia, and Alberta.
Six existing stores occupied by Canadian Tire subsidiary Mark's -- located in Oakville, Langley, Grand Prairie, Medicine Hat, Red Deer, and Strathcona County -- will be moved to the former Bed Bath & Beyond stores. PJ Czank, President of Mark's, noted the new locations are "more convenient" and "larger," and will offer a wider variety of products.
The four remaining acquisitions will house new Pro Hockey Life stores in Ontario, although the exact locations have yet to be announced.
It was revealed on May 3 that rooms + spaces, a new home store brand from business executive Doug Putman, has acquired 21 former Bed Bath & Beyond and buy buy Baby stores in Ontario, British Columbia, Alberta, Saskatchewan, and Newfoundland.
Putman took over HMV Canada's leases in 2017 when the retailer fell into receivership, expanding his Sunrise Records. In 2021, he purchased Toys "R" Us Canada and Babies "R" Us Canada from Fairfax Financial Holdings.
Set to open this summer, rooms + spaces will "cater to the modern shopper" with a broad range of products for every room of the home. Greg Dyer, the former General Manager of Bed Bath & Beyond Canada, will serve as President of the new brand.
"With so many empty storefronts across the country right now, Canadians are craving enjoyable in-store shopping experiences, where they can see and touch products, especially when it comes to outfitting a home," Putman said.
"I see such a strong opportunity to invest in Canadian retail and I'm always looking for new opportunities."
The 21 Bed Bath & Beyond and buy buy Baby locations that will become rooms + spaces stores are:
British Columbia
Alberta
Saskatchewan
Ontario
Newfoundland
