Struggling retailer Bed Bath & Beyond released the full list of coming store closures, including five in Michigan, four of which are in the Metro Detroit area.
Bed Bath & Beyond announced the plan to close 150 stores and slash its workforce by 20% last month in a bid to save $250 million this year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.
The company released the full list of store closures on Thursday. About a third will close within the next few weeks.
Here are the five Michigan stores on the list:
- Chesterfield: 50551 Waterside Drive
- Farmington Hills: 31075 Orchard Lake Road
- Northville: Northville Retail Center, 17223 Haggerty Road
- Walker: Green Ridge Square, 3410 Alpine Avenue NW
- White Lake Twp.: 9050 Highland Road
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000 employees.
Bed Bath & Beyond has been facing lots of turbulence recently. Its shares made a monstrous run from $5.77 to $23.08 in a little more than two weeks in August, in trading reminiscent of last year’s meme-stock craze, when out-of-favor companies suddenly became darlings of smaller-pocketed investors.