Bed Bath and Beyond announces nearly 100 more store closures
Company could be preparing for bankruptcy this week.
The Facts Inside Our Reporter’s Notebook
Bed Bath & Beyond will close nearly 100 more stores this week, another sign of the company's dire financial straits as analysts expect it to file bankruptcy in the very near future.
The corporation will shutter 87 stores throughout the United States, with a spokesman telling CNN that the move was part of the company's "actions to manage our business as efficiently as possible."
"This store fleet reduction expands the company’s ongoing closure program," the spokesman added.
The company is largely seen as on the imminent verge of a bankruptcy filing, particularly after last week when it warned that it had defaulted on its credit line.
The home goods store enjoyed considerable popularity in roughly the first decade of the 21st century, with its stock prices peaking around 2013 before sharply declining shortly thereafter.
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