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Bed Bath & Beyond plans to close 56 stores across the US

Locations in 20 states will be impacted.
General Views of New York
A general view of a Bed Bath & Beyond store on Sept. 15, 2022 in Westbury New York.Bruce Bennett / Getty Images
/ Source: TODAY

Bed Bath & Beyond is closing more than 50 stores across the United States. Locations in shopping centers from Connecticut to California will be impacted.

According to a list recently released by the company, 56 stores across the country will be closed as part of a broader restructuring plan as the home goods business struggles.

To see the full list of stores, click here.

It's all part of a broader plan to close 150 "lower producing" stores and lay off 20% of the workforce as part of a company restructuring announced last month.

At the time, the company also revealed that same-store sales were down 26% for the three-month period that ended on Aug. 27. 

The company's stock has declined roughly 45%, year to date, after becoming the talk of the internet.

So-called "meme" investors took an interest in the company after GameStop chairman Ryan Cohen announced a stake in it earlier this spring. By August, however, Cohen announced his intention to sell all of his shares.

A "meme stock" is when certain stocks go viral in online forums like Reddit and on social media platforms. When the stocks gain sudden popularity it can lead to sky-high prices and unusually high trading volume. It can be lucrative for some traders, but is generally considered very risky, as the stock's value is generally dependent on hype rather than the company's actual performance.

Following lackluster sales and plummeting stock prices, the Bed Bath & Beyond CFO, Gustavo Arnal, appears to have committed suicide by falling to his death in New York City in August.

Bed Bath & Beyond has been in operation since 1971 and is considered a Fortune 500 company.