
Fledgling home retail giant Bed, Bath & Beyond reported a 28% drop in sales just weeks after announcing the closure of over 50 stores throughout the U.S.
The sales figures were from the fiscal year's second quarter, according to company officials, who continued to see struggling sales figures and a volatile stock, partially thanks to the meme stock trend that has impacted other retail companies such as GameStop.
Earlier this month, Bed, Bath & Beyond announced a list of 56 stores the chain would be closing by the end of 2022, with plans to close over 150 of it's "lower-producing" stores as the chain continues to combat a changing economic climate for brick-and-mortar retail.
Of the stores the retailer says are closing by the end of the year, six of the stores are in Illinois, with four located in the Chicago area.
The following Illinois locations will be closing by the end of 2022:
- 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 footprint has shrunk by approximately 35 percent over the past two years, as the company has shuttered several Bed, Bath & Beyond locations. Bed, Bath & Beyond also owns several other chains, including Buybuy Baby and Harmon Face Values.
The chain, including subsidiaries, operated 1,478 stores in the first quarter of 2020, a metric that plummeted to 955 stores by the same time this year.
Additionally, same-store sales saw a 23 percent decline in this year's first quarter, with a 26 percent decline noted for the three-month period ending in August.
Bed, Bath & Beyond obtained a loan last month, ahead of the busy holiday season when the chain hopes to revitalize sales that have notably declined for several years. The company's corporate and supply chain staff has recently been cut by 20 percent.
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The following 20 Illinois locations will remain open after the slated closures at the end of 2022.
- 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.
A full list of stores closing nationwide can be found here.