Here's A List Of Bed Bath & Beyond Stores Set To Close So Far

Bed Bath & Beyond shares continue to slump on news that the retailer is closing stores nationwide. The stock fell nearly 1% on Monday to $7.95, down sharply from $15 at the beginning of the year.

Monday, September 19th 2022, 10:21 am

By: CBS News

Here's A List Of Bed Bath & Beyond Stores Set To Close So Far

Bed Bath & Beyond shares continue to slump on news that the retailer is closing stores nationwide. The stock fell nearly 1% on Monday to $7.95, down sharply from $15 at the beginning of the year.

Last month, Bed Bath & Beyond announced it would close 150 of its roughly 1,000 stores in a move designed to cut costs and free up cash.

"Our immediate focus is on supporting our teams, growing the business, making sure our stores, customers and partners are supported and improving returns to shareholders," the company said in a statement Friday to CBS MoneyWatch.

The home goods store posted a list of 56 stores that will be shuttered, ranging from stores in Arizona to Washington state. Those stores will start closing soon "and continue over the next few months," the company said. The company didn't disclose when it would announce the remaining stores set to close.

While Bed Bath & Beyond has become a "meme stock" after attracting the favor of amateur investors, its shares have plunged 47% this year amid declining revenue, widening losses and the defection of a prominent investor. In August, Ryan Cohen, the billionaire founder of online pet food company Chewy, sold his stake of 7.7 million shares, spurring a selloff.

Shocking death

Investors were also rattled earlier this month when its chief financial officer, Gustavo Arnal, died after falling from a luxury skyscraper in downtown Manhattan. The New York City medical examiner's office ruled his death a suicide.

In the meantime, Bed Bath & Beyond is focusing on shoring up its financials, with GlobalData analyst Neil Saunders describing them as "in a parlous state."

"The past few years of poor strategy have caused severe financial pain, and the scars will be borne in around 150 store closures and a curtailment of refurbishment programs," he said in a recent research note about the closures. "These actions are necessary, but they underline that before the group can advance it will need to take several steps back."

Analysts at Wedbush Securities said one way the retailer can generate more cash is to sell off its baby clothing division Buy Buy Baby, which could bring in between $630 million and $910 million.

"Selling Baby might buy the company enough time to right its ship and ease vendor concerns, but it does not fundamentally change the negative outlook for the core business, which is burning cash and losing resonance with customers," Wedbush said in a recent note.

Below is a list of the Bed Bath & Beyond stores that are closing: