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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:
Arizona
Interstate 17 & Carefree Highway in PhoenixInterstate 19 & Irvington in Tucson
California
9918 Mission Gorge Road in Santee 1140 Hilltop Drive in Redding 75 Lakewood Center Mall in Lakewood 2601 Larkspur Landing Circle in Larkspur 39421 10th Street West in Palmdale 15555 East 14th Street, Suite 240 in San Leandro 201 East Magnolia Blvd in Burbank117 General Stilwell Drive in Marina
Connecticut
Ridgeway Shopping Center in Stamford 850 Hartford Turnpike in Waterford
Florida
Sawgrass in Sunrise 111 Towne Center Blvd in Sanford
Georgia
Presidential Market Center in SnellvilleJohns Creek in Suwanee
Iowa
1522 Flammang Drive in Waterloo2475 N.W. Arterial in Dubuque
Illinois
Gurnee Mills Mall in Gurnee 915 East Golf Road in Schaumburg Fairview Center in Fairview Heights Carbondale University Mall in Carbondale 2850 Plainfield Road in Joliet Kankakee in Bourbonnais
Louisiana
2900 Meadow Creek Drive in Bossier City
Massachusetts
35 Highland Avenue in Seekonk8B Allstate Road Suite 1 in Dorchester Granite Heights in Milford
Michigan
31075 Orchard Lake Road in Farmington Hills Northville Retail Center in Northville Green Ridge Square in Walker 50551 Waterside Drive in Chesterfield 9050 Highland Road White in Lake Township
Minnesota
3959 Second Street South in St. Cloud
North Carolina
The Arboretum in Charlotte
Nevada
195 Los Altos Pkwy in Sparks
New Jersey
34 E Ridgewood Ave in Paramus NJ 07652Mount Olive in Flanders13 Route 9 South in Manalapan
New York
Orange Plaza in Middletown 500 East Sandford Blvd in Mt. Vernon4805 Commercial Drive in New Hartford 73 Centre Drive Suite 100 in Plattsburgh 251 Airport Plaza Blvd in Farmingdale
Ohio
Bridgewater Falls in Hamilton Colerain in Cincinnati 10027 Fremont Pike in Perrysburg 4020 Milan Road, Unit 910 in Sandusky
Oregon
2780 SW Cedar Hills Blvd in Beaverton
Pennsylvania
70 E. Wynnewood Blvd in Wynnewood
Puerto Rico
Plaza Del Sol in Bayamon
Texas
3201 Lawrence Road Suite A in Wichita Falls Central Mall in Port Arthur
Virginia
135 Shoppers Way NW in Christiansburg 532 Fort Evans Road in Leesburg
Washington
Lakewood Towne Center in Lakewood