Bed Bath & Beyond released the first list of stores that will shutter as part of its previously announced plan to close 150 locations.
The initial round includes 56 stores, with three in New Jersey:
- 34 E. Ridgewood Ave., Paramus
- 30 International Drive, Suite 1, Flanders
- 13 Route 9 S., Manalapan
The closings are a part of the Union-based retailer’s strategic update announced Aug. 31, which it said aims to improve company performance. The plan also calls for cutting 20% of its workforce and several more leadership changes.
The strategic plan announcement followed a tumultuous few months for the retailer. In March, activist investor Ryan Cohen called for improved performance by the company, and in June, the company announced an executive shakeup, including the ouster of CEO Mark Tritton and Chief Merchandising Officer Joe Hartsig.
On Sept. 2, authorities found then-Chief Financial Officer Gustavo Arnal dead after a fall from a building in New York. According to The New York Times and The Washington Post, which cited the medical examiner’s office, his death was ruled a suicide.
This news followed reports that Arnal and Cohen were named in a class action suit that alleged they, along with others, “engaged in a fraudulent scheme to artificially inflate the price of BBBY publicly traded stock.”
“As previously noted in our 8-K filed Aug. 31, the company is in the early stages of evaluating the complaint but based on current knowledge the company believes the claims are without merit,” Bed Bath & Beyond previously told NJBIZ.