4 More IL Bed Bath And Beyond Stores To Close As Retailer Seeks Funds

ILLINOIS ­— Four more Illinois Bed Bath & Beyond stores found their way on the corporate hit list this week with the announcement that retail locations in stores are closing. The closings are just the latest for the company, which began cutting stores last fall.

The New Jersey-based retailer announced in September it would be closing about 150 of its more than 900 locations nationwide, including six in Illinois. Late last week, CBS News reported a securities filing indicating the company had defaulted on loans and was considering restructuring its debt in bankruptcy court.

In early January, Bed Bath & Beyond announced more closings, including three additional Illinois stores.

Just more than a week ago, the struggling retailer announced it was closing 87 more store locations, including five in Illinois, where the business has been hit around the greater Chicago area.

On Tuesday, the list of corporate closures released by the struggling housewares business grew once again, with four more Illinois locations set to be shuttered: Normal (1700 E. College Ave.) Peoria (4800 N. University St.), Kildeer (20505 Rand Road), and Springfield (3251 N. Veterans Parkway).

While three of the four closures announced on Tuesday were downstate, the Kildeer location adds to the number of suburban stores that have been affected.

Bed Bath & Beyond officials announced last month that it plans to cut an additional $80 million to $100 million with an unspecified number of layoffs.

The Wall Street Journal reported recently that the retailer burned through $300 million in cash and assets in the fourth quarter of 2022 alone as Bed, Bath and Beyond's sales continue to flounder, prompting Tuesday's announcement. The Journal also reported that the company would be facing a large number of layoffs as the retailer's fleet of stores continues to diminish.

The new closures announced Tuesday affect nearly 90 stores across the U.S., with Florida having 11 store closings and New Jersey losing all of its Bed Bath & Beyond-owned Harmon stores.

Bed Bath & Beyond had said previously that it would take stock of its inventory of stores and shutter the locations considered to be the most low-performing.

While the goal of the store closures is to avoid bankruptcy, Reuters reported on Tuesday that Bed Bath & Beyond was exploring “multiple paths.” Reuters also reported that the retailer missed a loan payment and has not been paying its debts already this week as January comes to a close and could file for bankruptcy.