Bed Bath and Beyond closing its stores in Cedar Rapids, Coralville

Bed Bath & Beyond will be closing its stores in Cedar Rapids and Coralville as it tries to avoid or delay bankruptcy.

The company also is closing its stores in Davenport and Sioux City, the company announced this week. Only one store, in Clive, west of Des Moines, will remain open in Iowa, according to the Des Moines Register.

The retailer is offering discounts of 20 percent to 30 percent to clear out merchandise, a representative at the Coralville store told The Gazette on Friday.

The Cedar Rapids store is at 4840 First Ave. NE. The Coralville store is at 2515 Corridor Way, just north of Interstate 80 and east of Coral Ridge Avenue/Highway 965.

The Cedar Rapids, Davenport and Sioux City closures were among the 150 closures announced this week. The Coralville closure had been announced previously.

In total, the company is reducing the number of its stores from 760 to about 360, with the company keeping only its most profitable stores open in key markets.

At its peak in 2017, the company had 1,552 stores.

The retailer recently mustered more than $1 billion through institutional investors, led by Hudson Bay Capital, in its effort to avoid or delay bankruptcy, according to Bloomberg News.

Bed Bath & Beyond has bled cash for the last three years, reporting negative operating income since 2020. Sales have dipped in the double digits year over year since 2020, according to Bloomberg.

CEO Sue Gove said in January the company is working with advisers to slash its costs by $80 million to $100 million.

Gazette wire services contributed to this report.