Another 87 Bed, Bath & Beyond stores across the country will shutter, a recently updated list of closures from the home goods chain shows, following an announcement the struggling retailer made last week that it's in default on its loans and doesn’t have sufficient funds to repay what it owes.
The running list of stores totals more than 100 nationwide, including 15 in Illinois. Of those, more than half are located in the Chicago area, with closures now reported at stores in Wilmette, Forest Park, Crystal Lake, Geneva and Chicago Ridge.
The retailer had previously said only 11 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
- Chicago Ridge: 9650 S. Ridgeland Ave.
- Crystal Lake: 5786 Northwest Highway
- Geneva: 1584 S. Randall Rd.
- Gurnee: 6132 Grand Avenue, Gurnee Mills Mall
- Schaumburg: 915 East Golf Road
- Fairview Heights: Fairview Center, 6611 N. Illinois
- Forest Park: 215 Harlem Ave.
- Joliet: 2850 Plainfield Road
- Vernon Hills: 413 Milwaukee Ave. Suite 300
- Quincy: 5110 Broadway Street
- Wilmette: 3232 Lake Ave.
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%.
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.
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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.
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.
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The following Illinois locations are not listed on the company's latest list of closures:
- 1800 N. Clybourn Avenue, Chicago, Ill.
- 96 S. Waukegan Road, Deerfield, Ill.
- 1548 Butterfield Road, Downers Grove, Ill.
- 11165 West Lincoln Highway, Frankfort, 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.
