Locations at shopping centers in 20 states including Connecticut, New Jersey, Florida, Illinois, Michigan and California are affected.  Sept. 16, 2022, 4:12 PM UTC / Updated Sept. 16, 2022, 9:07 PM UTC 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%. Rob Wile is a breaking business news reporter for NBC News Digital. Something isn't loading properly. Please check back later.
Why Bed Bath & Beyond is in big trouble 00:58 - Source: CNN Business New York CNN Business — Bed Bath & Beyond revealed the locations of more than 50 of the 150 stores it’s planning to close, ranging from Arizona to Washington state. The downsize is part of the struggling retailer’s last-ditch effort to stabilize as it struggles in financial turmoil. Along with shuttering stores, the company said in August it will lay off about 20% of its corporate employees and cut some of its in-house home goods stores. It also secured a crucial $500 million in new financing as the holiday shopping season approaches. “All currently planned store closings have been announced, and we will continue to review our portfolio where it makes sense to profitably support our customers and business,” the company said in a statement. It’s a fraught time for the home-goods chain. Earlier this month, Gustavo Arnal, the retailer’s chief financial officer, jumped to his death from a New York City high rise. Arnal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a “pump and dump” scheme to artificially inflate the price of the company’s stock. Bed Bath & Beyond said in August that sales at stores open for at least one year plunged 26% during its latest quarter. So far, 56 retailers will close. Here’s where:
California
Connecticut
Florida
Georgia
Illinois
Iowa
Louisiana
Massachusetts
Michigan
Minnesota
New Jersey
New York
Nevada
North Carolina
Ohio
Oregon
Pennsylvania
Puerto Rico
Texas
Virginia
Washington
- CNN’s Brynn Gingras, Liam Reilly, Ramishah Maruf, Samantha Beech, Jordan Valinsky and Nathaniel Meyersohn contributed to this report More from CNN BusinessCNN Business VideosWhat Bed Bath & Beyond stores are closing in Illinois?Bed Bath & Beyond plans to close six Illinois locations in 2022, according to a list released by the company.. 6132 Grand Ave., Gurnee Mills Mall, Gurnee.. 915 East Golf Road, Schaumburg.. Fairview Center, 6611 N. ... . University Mall, 1265 E.. Which Bed Bath and Beyond stores are closing in New York?New York Bed Bath & Beyond store closings. Farmingdale: 251 Airport Plaza Blvd.. Middletown: 470 Route 211 East.. Mount Vernon: 500 East Sandford Blvd.. New Hartford: 4805 Commercial Drive.. Plattsburgh: 73 Centre Drive.. Is Bed Bath and Beyond closing in Florida?Bed Bath & Beyond recently announced that they're closing stores nationwide, including locations in Florida. This will be the first wave of closures as the company undergoes a complete restructure, according to FOX Business. The home goods retailer plans on shuttering 150 locations and reducing its workforce by 20%.
Which Bed Bath and Beyond stores are closing in Ohio?(NEXSTAR) — As it continues to face financial uncertainty, home goods chain Bed Bath & Beyond is preparing to close 150 stores and cut its workforce by about 20%.. Cincinnati: 3681 Stone Creek Blvd.. Hamilton: Bridgewater Falls, 3451 Princeton Road.. Perrysburg: 10027 Fremont Pike.. Sandusky: 4020 Milan Road Unit# 910.. How do you find stores closing near me?If you want to find liquidation stores, going out of business sales, and closeout sales near your home, keep reading.. Quicklotz. ... . Direct Liquidation. ... . Department Store Liquidations. ... . The Select Source. ... . Liquidation.com. ... . TopTenWholesale.. |
List of bed bath and beyond stores closing
Related Posts
Copyright © 2024 ihoctot Inc.
