Why Bed Bath & Beyond is in big trouble
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:
Arizona
- Santa Cruz: 5225 South Calle
- Phoenix: 34750 N. North Valley Parkway
California
- Burbank: 201 East Magnolia Blvd.
- Lakewood: 75 Lakewood Center Mall
- Larkspur: 2601 Larkspur Landing Circle
- Marina: 117 General Stilwell Drive
- Palmdale: 39421 10th Street
- Redding: 1140 Hilltop Drive
- San Leandro: 15555 East 14th Street, Suite 240 Seekonk
- Santee: 9918 Mission Gorge Road
Connecticut
- Stamford: Ridgeway Shopping Center, 2275 Summer Street
- Waterford: 850 Hartford Turnpike
Florida
- Sanford: 111 Towne Center Blvd.
- Sawgrass: 12801 W. Sunrise Blvd., Anchor C
Georgia
- Johns Creek: 2623 Peachtree Pkwy
- Snelville: Presidential Market Center, 1905 Scenic Hwy Suite 5000
Illinois
- Bourbonnais: 2056 North State Route 50
- Carbondale: University Mall, 1265 E. Main Street
- Fairview Heights: Fairview Center, 6611 N. Illinois
- Gurnee: 6132 Grand Ave., Gurnee Mills Mall
- Joliet: 2850 Plainfield Road
- Schaumberg: 915 East Golf Road
Iowa
- Dubuque: 2475 N.W. Arterial
- Waterloo: 1522 Flammang Drive
Louisiana
- Bossier City: 2900 Meadow Creek Drive
Massachusetts
- Dorchester: 8B Allstate Road, Suite 1
- Milford: 230 Fortune Boulevard
- Seekonk: 35 Highland Avenue
Michigan
- Chesterfield Township: 50551 Waterside Drive
- Farmington Hills: 31075 Orchard Lake Road
- Northville: Northville Retail Center, 17223 Haggerty Rd.
- Walker: Green Ridge Square, 3410 Alpine Avenue NW
- White Lake: 9050 Highland Road
Minnesota
- St. Cloud: 3959 Second Street South
New Jersey
- Flanders: 30 International Drive, Suite 1
- Manalapan: 13 Route 9
- Paramus: 34 E Ridgewood Ave
New York
- Farmingdale: 251 Airport Plaza Blvd.
- Middletown: 470 Route 211 East, Suite 3
- Mt. Vernon: 500 East Sandford Blvd.
- New Hartford: 4805 Commercial Drive
- Plattsburgh: 73 Centre Drive, Suite 100
Nevada
- Sparks: 195 Los Altos Pkwy
North Carolina
- Charlotte: The Arboretum, 3413 Pineville-Matthews Rd.
Ohio
- Colerain: 3681 Stone Creek Blvd.
- Perrysburg:10027 Fremont Pike
- Princeton Road: Bridgewater Falls, 3451 Princeton Road
- Sandusky: 4020 Milan Road, Unit #910
Oregon
- Beaverton: 2780 SW Cedar Hills Blvd. Beaverton
Pennsylvania
- Wynnewood: 70 E. Wynnewood Blvd.
Puerto Rico
- Bayamon Plaza Del Sol, 725 West Main Avenue Bayamon PR 00961
Texas
- Port Arthur: Central Mall 3100 Highway 365 Suite 114
- Wichita Falls: 3201 Lawrence Road Suite A
Virginia
- Christiansburg: 135 Shoppers Way NW
- Leesburg: 532 Fort Evans Road
Washington
- Lakewood: 5830 Lakewood Towne Center Blvd., S.W.
– CNN’s Brynn Gingras, Liam Reilly, Ramishah Maruf, Samantha Beech, Jordan Valinsky and Nathaniel Meyersohn contributed to this report
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