Bed Bath & Beyond has been released a list of the first 56 stores it plans to close as part of a broader restructuring to stabilize the problems of the home care chain.
The targeted stores are located nationwide and include mall and shopping center locations in Stamford, Conn., Paramus, NJ, Sunrise, Fla., Gurnee, Illinois, Schaumburg, Illinois and Farmington Hills, Mich. and Palmdale, California
The company recently outlined a major restructuring plan with plans to close 150 “less producing” stores and lay off 20% of its staff. It also received $500 million in additional funding.
Just a week after that announcement, the company’s CFO, Gustavo Arnal, fell to death in what authorities said was suicide. The company has appointed an interim CEO and interim CFO.
Leading up to the reorganization announcement, at least one analyst criticized Bed Bath & Beyond for not maintaining stores and for heavily discounted 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, shares of Bed Bath & Beyond are down about 45%.