Bed, Bath & Beyond reported a 28% decline in revenue just weeks after announcing the closure of more than 50 shops in the United States.
The sales data were from the second quarter of the fiscal year, according to company management, who continued to witness challenging sales figures and a fluctuating stock, in part because of the meme stock trend, which has affected other retail companies such as GameStop.
This month, Bed, Bath & Beyond revealed that 56 shops would be closing by the end of 2022, with plans to eliminate over 150 “lower-producing” sites as the firm continues to confront the shifting economic climate for brick-and-mortar retail.
Six of the stores the retailer said will close by the end of the year are in Illinois, including four in the Chicago metropolitan region.
By the end of 2022, the following Illinois locations will have closed:
- 6132 Grand Avenue, Gurnee Mills Mall, Gurnee, Ill.
- 915 East Golf Road, Schaumburg, Ill.
- 2850 Plainfield Road, Joliet, Ill.
- 2056 North State Route 50, Bourbonnais, Ill.
- Fairview Center, 6611 N. Illinois, Fairview Heights, Ill.
- University Mall. 1265 E. Main Street, Carbondale, Ill.
According to CNBC, the chain’s presence has dropped by around 35 percent over the previous two years, as several Bed, Bath & Beyond stores have closed. Additionally, Bed, Bath & Beyond owns several other retail companies, including Buybuy Baby and Harmon Face Values.
The network, including subsidiaries, operated 1,478 stores in the first quarter of 2020, a number that fell to 955 locations in the same period of this year.
Additionally, same-store sales decreased by 23 percent in the first quarter of this year, and by 26 percent in the three-month period ending in August.
Bed, Bath & Beyond acquired a loan last month in preparation for the busy holiday season, during which the retailer expects to revive sales that had decreased significantly over the past few years. Corporate and supply chain personnel have just been reduced by 20%.
After the scheduled closures at the end of 2022, the following 20 Illinois locations will remain open.
- 63 E. Marketview Drive, Champaign, Ill.
- 1800 N. Clybourn Avenue, Chicago, Ill.
- 9650 S. Ridgeland Avenue, Chicago Ridge, Ill.
- 5786 Northwest Highway, Crystal Lake, Ill.
- 96 S. Waukegan Road, Deerfield, Ill.
- 1548 Butterfield Road, Downers Grove, Ill.
- 215 Harlem Avenue, Forest Park, Ill.
- 11165 West Lincoln Highway, Frankfort, Ill.
- 1584 S. Randall Road, Geneva, Ill.
- 20505 N. Rand Road, Kildeer, Ill.
- 336 S. Route 59, Naperville, Ill.
- 1700 E. College Avenue, Normal, Ill.
- 4800 N. University Street, Peoria, Ill.
- 5110 Broadway Street, Quincy, Ill.
- 6309 E. State Street, Rockford, Ill.
- 5545 W. Touhy Avenue, Skokie, Ill.
- 3251 S. Veterans Parkway, Springfield, Ill.
- 413 Milwaukee Avenue, Vernon Hills, Ill.
- 7175 Kingery Highway, Willowbrook, Ill.
- 3232 Lake Avenue, Wilmette, Ill.