Bed Bath & Beyond has released a list of the initial 56 stores it plans to close as part of a broader restructuring to stabilize the home goods chain’s struggling business.
The targeted stores are spread across the country, and include locations at malls and shopping centers in Stamford, Conn., Paramus, N.J., Sunrise, Fla., Gurnee, Ill., Schaumburg, Ill. and Farmington Hills, Mich. and Palmdale, Calif.
The company recently outlined a major restructuring plan that included plans to close 150 “lower producing” stores and lay off 20% of its workforce. It also obtained $500 million in additional financing.
Just a week after that announcement, the company’s CFO, Gustavo Arnal, fell to his death in what authorities said was a suicide. The company has appointed an interim CEO and interim CFO.
In the run-up to the reorganization announcement, at least one analyst criticized Bed Bath & Beyond for failing to maintain stores and for heavily discounting items.
For much of 2022, Bed Bath & Beyond stock was the subject of interest from so-called “meme” investors after GameStop chairman Ryan Cohen announced a stake in the company earlier this spring. In August, Cohen announced his intention to sell all of his shares.
Year to date, Bed Bath & Beyond shares have declined roughly 45%.