5 More Illinois Bed Bath & Beyond Stores To Close Amid Difficulties

ILLINOIS — Bed Bath & Beyond, the struggling retailer that is hoping to avoid bankruptcy, announced on Tuesday that it will close 87 more stores — including five in Illinois — which comes on the heels of the business announcing plans to shutter 150 locations across the U.S. in the final quarter of 2022.

On Tuesday, the retailer announced a new list of closures that comes on the heels of previous announcements in which it said 10 Illinois store locations were either closed or would be closing in the coming months.

According to a list published by USA Today, the new Bed Bath & Beyond closures include the following locations:

• 3232 Lake Ave., Wilmette
• 1584 S. Randall Rd, Geneva
• 5786 Northwest Highway, Crystal Lake
• 9650 S. Ridgeland Ave., Chicago Ridge
• 215 Harlem Ave, Forest Park

Tuesday’s updated list of affected stores came after the retailer previously announced in September and December that it would close low-performing stores. At the time of the last list of store closures, a total of 10 Illinois stores were affected. Tuesday’s new closures 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 And 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 as early as this week.

In early January, the retailer announced that it anticipated net losses of $385 million in the third quarter of 2022, including impairment charges of about $100 million. The losses compared to $285 million in losses in the same period in 2021.

The company reported $1.26 billion in sales for the third quarter of 2022, compared to $1.88 billion for the same time frame in 2021, Bed Bath & Beyond officials said.

“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,” Sue Grove, the president, and CEO of the company said on Jan. 5 in a statement issued to stakeholders. “These measures may not be successful."

Grove said in the memo that the company has a “clear vision” for the future of the company, but said that long-term success would be based on refocusing on merchandising and inventory and operating more efficiently.

“Strengthening our ability to serve our customers will continue to drive our decision-making,” Grove wrote. “We are resetting foundational elements to create a stronger and more nimble infrastructure that aligns closely with customer demand and preference. We continue to manage our financial position amidst a changing landscape and work with expert advisors as we consider all paths and strategic alternatives to accomplish our short- and long-term goals.”