Bed Bath & Beyond has issued a list of the initial 56 shops it expects to eliminate as part of a larger restructuring to help the ailing home products retailer.
The targeted retailers are located in malls and shopping centres around the country, including Stamford, Conn., Paramus, N.J., Sunrise, Fla., Gurnee, Ill., Schaumburg, Ill., Farmington Hills, Mich., and Palmdale, Calif.
The corporation recently announced a massive reorganization plan that involved the closure of 150 “poor producing” outlets and the layoff of 20% of its workers. It also received an additional $500 million in funding.
Only a week following that declaration, the company’s CFO, Gustavo Arnal, committed suicide, according to officials. The firm has appointed a temporary CEO and CFO.
In the run-up to the announcement, at least one analyst chastised Bed Bath & Beyond for failing to maintain shops and severely pricing merchandise.
After GameStop chairman Ryan Cohen declared a stake in the firm earlier this spring, Bed Bath & Beyond stock was the target of interest from so-called “meme” investors throughout much of 2022. Cohen revealed his desire to sell all of his shares in August.
Bed Bath & Beyond stock has been down nearly 45% year.
