Bed Bath & Beyond has released a list of the first 56 stores it plans to close as part of a wider restructuring aimed at stabilizing the home goods chain’s struggling business.
Targeted stores are nationwide and include locations in strip malls and strip malls in Stamford, Connecticut, Paramus, NJ, Sunrise, Florida, Gurnee, Illinois, Schaumburg, Illinois and Farmington Hills, Michigan and Palmdale, CA
The company recently presented a major restructuring plan which included closing 150 “low production” stores and laying off 20% of its workforce. It also obtained $500 million in additional financing.
Just a week after that announcement, the company’s chief financial officer, Gustavo Arnal, died in what authorities said was a suicide. The company has appointed an interim CEO and CFO.
In the run-up to the reorganization announcement, at least one analyst criticized Bed Bath & Beyond for failing to maintain stores and for sharply discounting items.
For much of 2022, shares of Bed Bath & Beyond have attracted interest from so-called “meme” investors after GameStop Chairman Ryan Cohen announced a stake in the company in early spring. In August, Cohen announced his intention to sell all of his shares.
Year-to-date, shares of Bed Bath & Beyond are down about 45%.