Bed Bath & Beyond is shutting down 87 stores across the US as the struggling retailer inches toward bankruptcy.
The latest round of closures adds to the 150 stores the company shut down in August last year. They include all 49 remaining Harmon Face Value health and beauty stores and five buybuy Baby locations.
“As we continue to work with our advisors to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” a Bed Bath and Beyond spokesperson said. “This store fleet reduction expands the company’s ongoing closure program.”
The news comes a week after the company received a notice of default from its lender JPMorgan Chase for defaulting on its debt around January 13, according to CNN.
“At this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code,” the company said in response to the letter.
Last month, it was revealed that the company was holding talks with private equity company Sycamore Partners and other companies for the potential sale of its business, including buybuy Baby stores, as a possible outcome of its bankruptcy filing.
The list of Bed Bath & Beyond stores being shut down can be accessed here.
