HAMDEN, Conn. — Bed Bath & Beyond announced it will close three stores in Connecticut as its fiscal third-quarter sales fell by a third.
The company, which has already been cutting costs, said Tuesday it will slash an additional $80 million to $100 million across the company, including an unspecified number of layoffs.
The closing of the Hamden store at 2045 Dixwell Avenue was announced Tuesday. The Stamford and Waterford stores had already closed, according to a list provided by the company.
Three stores in the Boston area are expected to close as well.
See the full list here:
The company still has stores in Brookfield, Enfield, Fairfield, Guilford, Manchester, Simsbury, Southington, Norwalk, and Wethersfield.
Last week, Bed Bath & Beyond cautioned that it may need to file for bankruptcy protection as it struggles to attract shoppers. It then said that it’s considering options including selling assets or restructuring its business in bankruptcy court. But the chain acknowledged that even those efforts may not be successful.
Sales slid 33% to $1.26 billion for the three months ending Nov. 26 from $1.88 billion a year earlier. Sales at stores open at least a year, a key gauge of a retailer’s health, dropped 32%.
President and CEO Sue Gove said in a prepared statement on Tuesday that the company is working on adjusting its merchandise and strategy, which has moved away from shoppers’ preferences.
“We want our customers to know that we hear them and are charging ahead every day to meet their needs,” she said.
Bed Bath & Beyond announced in August that it would close stores and lay off workers in a bid to turn around its business. It announced it would close about 150 of its namesakes' stores and slashed its workforce by 20%. The company said Tuesday that it was on track to close the stores.
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