Fans of Bed, Bath & Beyond can prepare to say goodbye to many of the retail chain’s stores. The company recently revealed more than 150 store closures amid ongoing struggles that president and chief executive officer Sue Gove referenced in a statement Thursday.
Store closures have been underway since last year. Bed, Bath & Beyond shuttered 37 locations in the U.S. across 19 states. The retailer closed doors in New York, California, Florida, Alabama, Arizona, Georgia, Idaho, Missouri, Mississippi, Montana, Michigan, New Jersey and Minnesota. Bed, Bath & Beyond already had a plan in place to close 200 stores over two years, remodel 450 locations and focus more on e-commerce.
Plans are also underway to issue new Bed, Bath & Beyond shares to shareholders, which fell as much as 26.5 percent. The company’s biggest investor was GameStop Corp. chairman Ryan Cohen, who left the brand earlier this month.
Earlier Thursday, Bed, Bath & Beyond commented on the future of its business, saying it has “substantial doubt” about the company’s ability to continue.
The retailer added it is considering all “strategic alternatives,” including restructuring and refinancing its debt, seeking additional debt or equity capital, reducing or delaying the company’s business activities and strategic initiatives, selling assets and filing for bankruptcy. “These measures may not be successful,” the brand noted in a statement.
Gove expanded on the strategy for a potential turnaround.
“Our plan has two anchors: the first enables us to refocus merchandising and inventory, operate more efficiently, and grow our digital and omni-capabilities, and the second focuses on strengthening our financial position,” she said. “Transforming an organization of our size and scale requires time, and we anticipate that each coming quarter will build on our progress.”