Struggling Bed Bath & Beyond Inc. has released a list of dozens of stores it aims to close, with popular ones such as the Paramus, N.J. and Schaumburg, Ill. stores slated to go.
The home-goods retailer
and most recent “meme stock” has been reducing the number of its stores in recent years, and announced last month it was closing about 150 “lower-producing” stores.
A Bed Bath & Beyond spokesperson told The Wall Street Journal most of the 56 stores on the list would close by the end of September.
The retailer ousted its chief executive in June and in recent weeks it has been part of the “meme stock” phenomena, getting big boosts from retail traders on social media.
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Shares of Bed Bath & Beyond edged lower in the extended session Thursday, after ending the regular trading day down 3.9%. So far this year, the stock is down 40%, compared with losses of around 18% for the S&P 500 index
MarketWatch/Bed Bath & Beyond