NEW YORK - Bed Bath & Beyond has announced which stores it will close in a cost-cutting move to try and turn around its beleaguered business.
Last month, the home goods retailer based in Union, New Jersey, said it would close about 150 of its namesake stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company's current fiscal year.
Mired in a prolonged sales slump, the company also announced that it would revert to its original strategy of focusing on national brands, instead of pushing its own store labels. That reverses a strategy embraced by its former CEO Mark Tritton, who was ousted in June after less than three years at the helm. It said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or so.
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000 employees.
Time is of the essence for the company heading into the critical holiday shopping season.
Thursday, the company released a list of 56 stores it plans to close. They span across the U.S., from Washington to Arizona to Florida and up to Massachusetts.
Bed, Bath & Beyond stores closing:
- Tucson, AZ: 5225 South Calle Santa Cruz
- Phoenix, AZ: 34750 N. North Valley Parkway
- Santee, CA: 9918 Mission Gorge Road
- Redding, CA: 1140 Hilltop Drive
- Lakewood, CA: 75 Lakewood Center Mall
- Larkspur, CA: 2601 Larkspur Landing Circle
- Palmdale, CA: 39421 10th Street West
- San Leandro, CA: 15555 East 14th Street, Suite 240
- Burbank, CA: 201 East Magnolia Blvd.
- Marina, CA: 117 General Stilwell Drive
- Stamford, CT: Ridgeway Shopping Center, 2275 Summer Street
- Waterford, CT: 850 Hartford Turnpike
- Sunrise, FL: 12801 W. Sunrise Blvd., Anchor C
- Sanford, FL: 111 Towne Center Blvd.
- Snellville, GA: Presidential Market Center, 1905 Scenic Hwy Suite 5000
- Suwanee, GA: 2623 Peachtree Pkwy
- Waterloo, IA: 1522 Flammang Drive
- Dubuque, IA: 2475 N.W. Arterial
- Gurnee, IL: 6132 Grand Ave., Gurnee Mills Mall
- Schaumburg, IL: 915 East Golf Road
- Fairview Heights, IL: Fairview Center, 6611 N. Illinois
- Carbondale, IL: University Mall, 1265 E. Main Street
- Joliet, IL: 2850 Plainfield Road
- Bourbonnais, IL: 2056 North State Route 50
- Bossier City, LA: 2900 Meadow Creek Drive
- Seekonk, MA: 35 Highland Avenue
- Dorchester, MA: 8B Allstate Road, Suite 1
- Milford, MA: 230 Fortune Boulevard
- Farmington Hills, MI: 31075 Orchard Lake Road
- Northville, MI: Northville Retail Center, 17223 Haggerty Rd.
- Walker, MI: Green Ridge Square, 3410 Alpine Avenue NW
- Chesterfield, MI: 50551 Waterside Drive
- White Lake Twp., MI: 9050 Highland Road
- St. Cloud, MN: 3959 Second Street South
- Charlotte, NC: The Arboretum, 3413 Pineville-Matthews Rd.
- Paramus, NJ: 34 E Ridgewood Ave
- Flanders, NJ: 30 International Drive, Suite 1
- Manalapan, NJ: 13 Route 9 South
- Sparks, NV: 195 Los Altos Pkwy
- Middletown, NY: 470 Route 211 East, Suite 3
- Mt. Vernon, NY: 500 East Sandford Blvd.
- New Hartford, NY: 4805 Commercial Drive
- Plattsburgh, NY: 73 Centre Drive, Suite 100
- Farmingdale, NY: 251 Airport Plaza Blvd.
- Hamilton, OH: Bridgewater Falls, 3451 Princeton Road
- Cincinnati, OH: 3681 Stone Creek Blvd.
- Perrysburg, OH: 10027 Fremont Pike
- Sandusky, OH: 4020 Milan Road, Unit# 910
- Beaverton, OR: 2780 SW Cedar Hills Blvd.
- Wynnewood, PA: 70 E. Wynnewood Blvd.
- Bayamon, PR: Plaza Del Sol, 725 West Main Avenue
- Wichita Falls, TX: 3201 Lawrence Road Suite A
- Port Arthur, TX: Central Mall 3100 Highway 365 Suite 114
- Christiansburg, VA: 135 Shoppers Way NW
- Leesburg, VA: 532 Fort Evans Road
- Lakewood, WA: 5830 Lakewood Towne Center Blvd., S.W.
It was not immediately clear how soon the stores would be shuttered, or how many employees would be let go as a result.
Separately, the company is still dealing with the death of its chief financial officer. Gustavo Arnal fell to his death from a Manhattan building in an apparent suicide two weeks ago.
Arnal joined Bed, Bath & Beyond in May 2020 and previously worked for Avon cosmetics company, Walgreens Boot Alliance, and Proctor & Gamble. He was among the defendants named in a class-action suit that claims that he was among a group of stock traders who artificially inflated Bed Bath & Beyond's stock in what is called a 'pump and dump' scheme.
Arnal had recently sold more than 50,000 shares when the stock was in the upper $30s a share. A short time later it plunged to less than $10.
Bed Bath & Beyond's stock is down about 65% in the last 12 months.
Information from the Associated Press was used in this report. This story was reported from Tampa, Fla.