Retailer Bed Bath & Beyond plans to close an additional 87 stores across the United States, including one in Palm Desert, as the company faces likely bankruptcy proceedings.
“As we work with our advisers to consider multiple paths, we are implementing actions to manage our business as efficiently as possible,” the company said in a statement provided to City News Service on Wednesday. “We continue our analysis of our store footprint based on a variety of factors, and together with our advisers, have identified additional Bed Bath & Beyond store closures that we will implement in a timely manner.
“… We will update all stakeholders on our plans as they develop and finalize.”
The latest round of closings — announced by the company Monday — comes on the heels of August’s announcement of 150 store closings.
The Palm Desert store at 72459 Highway 111 was included in the latest list of closures.
Bed Bath & Beyond reported last week that it received a notice of default from lender JPMorgan Chase.
“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 U.S. Bankruptcy Code,” the company said, CNN reported.
The latest 87 closings include five buybuy Baby locations and the last 49 Harmon Face Value stores, which sold cosmetics.