UNION, N.J. — Bed Bath & Beyond on Thursday identified slightly more than one-third of its 150 stores slated for closure as the Union, New Jersey-based home goods retailer eyes a turnaround.
The chain confirmed in August it would shutter its “lower producing” locations, representing about 20% of its stores, CNBC reported.
Although the first round of closures spans 56 stores from California and Nevada to Ohio and Florida, the locations affected are heavily concentrated across the upper Midwest, New York and New Jersey, Bloomberg reported.
According to CNBC, the store closures and accompanying layoffs, affecting 20% of corporate and supply chain positions, are part of a broader attempt to stabilize the company’s finances and boost declining sales. The chain’s same-store sales decreased 23% in the first quarter and another 26% for the three-month period ended Aug. 27, the network reported.
Meanwhile, the company’s chief financial officer, Gustavo Arnal, died by suicide days after the chain’s turnaround plans were unveiled to investors.
“We will continue to review our portfolio where it makes sense to profitably support our customers and business,” company spokeswoman Julie Strider told Bloomberg in an emailed statement.
“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,” she added.
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