Bed Bath & Beyond has announced dozens of the 150 or so stores it plans to close.
The struggling homewares retailer announced its plans last month to close its “less producing” locations, which represent about 20% of its stores of the same name.
The closures are part of a broader plan to try to stabilize the company’s finances and reverse declining sales. In late August, Bed Bath secured more than $500 million in new financing, including a loan, ahead of the major holiday season. Its workforce is also shrinking, as it has reduced its corporate and supply chain workforce by about 20%.
Bed Bath & Beyond posted a list of 56 eponymous locations it will be closing. They are spread across the US from California and Nevada to Ohio and Florida.
The retailer also operates other chains. At the end of the fiscal first quarter, it had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values or Face Values banners. However, it adds to its baby items banner. It opened five Buybuy Baby stores during that three-month period ending May 28.
Bed Bath & Beyond’s footprint has already shrunk significantly. In the past two years, it has fallen by about 35% as the company closed other locations. It had a total of 1,478 stores at the end of the first quarter of 2020. At around the same time this year, it had a total of 955 stores, including 769 Bed Bath & Beyond stores.
Bed Bath & Beyond is at a pivotal moment. It posted quarter-on-quarter sales declines and spent money as it remodeled stores, developed private labels and purchased its own inventory. Same-store sales declined 23% in the first quarter and 26% for the three-month period to end August 27.
The company will release full second-quarter results later this month.
Bed Bath & Beyond is seeking new leadership to take over its interim CEO and CFO. The board pushed out Mark Tritton, a Target veteran appointed chief executive in 2019 to lead a turnaround, and Joe Hartsig, the chief merchandising officer. Its chief financial officer, Gustavo Arnal, died by suicide earlier this month. The company has cut the jobs of chief store officer and chief operating officer.
The company’s stock is down about 38% so far this year. As of Thursday afternoon, the stock was trading around $8.90, up about 1.6%.
View the list of locations that are closing here.
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