More bad news for Bed Bath & Beyond. The retailer is permanently shutting the doors on 87 more stores.
The announcement comes just days after the home goods chain said it had defaulted on its loans.
The company also plans to close five buybuy BABY stores as well as all of its Harmon beauty locations.
Bed Bath & Beyond said the closures are happening to increase efficiency as the company works with advisors to "consider multiple paths" to try to turn the business around.
The retailer confirmed the store closings to Nexstar on Monday. Impacted store locations as well as closing dates were not immediately available.
The company previously announced plans to close a total of 150 lower-producing Bed Bath & Beyond stores and slash its workforce by 20% in order to "allocate resources according to customer demand." A spokesperson said the recently announced closures gets them closer to that goal.
Earlier this month, Bed Bath & Beyond warned it could be headed for bankruptcy and warned that there was "substantial doubt" that it could continue to stay in business. It also announced a 33% drop in sales for its fiscal third quarter, a decline of $1.259 billion.
"The company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the company's business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code," Bed Bath & Beyond said in a statement. "These measures may not be successful."
President and CEO Sue Gove added that "multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner."
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