Update: Our latest story on Chicago area store closures can be found here, as more stores have been added to the chain's list. Our original story continues below.
The once booming home goods chain Bed, Bath & Beyond will shutter a slew of more stores in addition to previously announced closures after the struggling retailer last week announced that it's in default on its loans and doesn’t have sufficient funds to repay what it owes.
The running list of stores, which was last updated Monday, now totals more than 100 nationwide, including 10 in Illinois. Of those, half are located in the Chicago area.
The retailer had previously said only six stores in Illinois would be closing its doors.
Here's which stores in Illinois are set to close, if they haven't already:
- Bourbonnais: 2056 North State Route 50
- Carbondale: University Mall, 1265 E. Main Street
- Champaign: Market View Shopping Center, 63 E. Marketview Dr.
- Chicago: 1419 N. Kingsbury Street
- Gurnee: 6132 Grand Avenue, Gurnee Mills Mall
- Schaumburg: 915 East Golf Road
- Fairview Heights: Fairview Center, 6611 N. Illinois
- Joliet: 2850 Plainfield Road
- Vernon Hills: 413 Milwaukee Ave. Suite 300
- Bourbonnais: 2056 North State Route 50
- Quincy: 5110 Broadway Street
Bed Bath & Beyond warned on Jan. 5 that it was considering options including filing for bankruptcy, saying that there was “substantial doubt” that it could stay in business. A week later, it reported a 33% drop in sales and a widening loss for its fiscal third quarter that ended Nov. 26, compared with the year-ago period. Sales at stores opened at least a year — a key indicator of a company’s health — dropped 32%.
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Its recently appointed president and CEO, Sue Gove, blamed the poor holiday performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on store shelves.
Typically, struggling retailers file for bankruptcy protection after the holiday shopping season because they have a cash cushion coming from the two-month sales period.
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Still, turning around Bed Bath & Beyond is expected to be difficult amid increasing competition from discounters. Its struggles come as the economy is weakening, and shoppers are tightening their purse strings.
The following Illinois locations will remain open:
- 1800 N. Clybourn Avenue, Chicago, Ill.
- 9650 S. Ridgeland Avenue, Chicago Ridge, Ill.
- 5786 Northwest Highway, Crystal Lake, Ill.
- 96 S. Waukegan Road, Deerfield, Ill.
- 1548 Butterfield Road, Downers Grove, Ill.
- 215 Harlem Avenue, Forest Park, Ill.
- 11165 West Lincoln Highway, Frankfort, Ill.
- 1584 S. Randall Road, Geneva, Ill.
- 20505 N. Rand Road, Kildeer, Ill.
- 336 S. Route 59, Naperville, Ill.
- 1700 E. College Avenue, Normal, Ill.
- 4800 N. University Street, Peoria, Ill.
- 6309 E. State Street, Rockford, Ill.
- 5545 W. Touhy Avenue, Skokie, Ill.
- 3251 S. Veterans Parkway, Springfield, Ill.
- 7175 Kingery Highway, Willowbrook, Ill.
- 3232 Lake Avenue, Wilmette, Ill.
