Bed Bath & Beyond has announced dozens of the approximately 150 stores it plans to close.
The struggling home goods retailer last month announced plans to close “low production” locations, representing about 20% of its namesake stores.
The closures are part of a larger plan to stabilize the company’s finances and turn around slumping sales. In late August, Bed Bath secured over $500 million in new funding, including a loan, ahead of the holiday season. Its workforce is also shrinking, as it cut its corporate and supply chain staff by about 20%.
Bed Bath & Beyond has released a list of 56 namesake locations it will close. They are scattered across the United States, from California and Nevada to Ohio and Florida.
The retailer also operates other chains. It had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values or Face Values banners as of the end of the fiscal first quarter. It is, however, adding to its banner of baby items. It opened five BuyBuy Baby stores in that three-month period ending May 28.
Already, Bed Bath & Beyond’s footprint has shrunk considerably. Over the past two years, it has fallen by around 35% as the company closed other sites. It had a total of 1,478 stores, at the end of the first quarter of 2020. At the same time this year, it had a total of 955 stores, including 769 Bed Bath & Beyond stores.
Bed Bath & Beyond is at a crucial time. It recorded quarter after quarter of declining sales and spent money remodeling stores, developing private labels and buying back its own shares. Its same-store sales were down 23% in the first quarter and 26% for the three-month period ended August 27.
The company releases its full second quarter results later this month.
Bed Bath & Beyond is looking for new leadership to replace its interim CEO and CFO. Its board kicked out Mark Tritton, a Target veteran appointed chief executive in 2019 to lead a turnaround effort, and Joe Hartsig, its merchandising director. Its financial director Gustavo Arnal committed suicide earlier this month. The company has eliminated the positions of store manager and chief operating officer.
Shares of the company are down about 38% so far this year. As of midday Thursday, the shares were trading around $8.80, up about 1%.
See the list of locations that are closing here.