The number of Bed Bath & Beyond stores on Long Island slated to close rose from three to five after the home goods chain announced another round of cuts.
The latest local additions to the chopping block are the stores on Jericho Turnpike in East Northport and another on West Montauk Highway in West Babylon, the company stated.
The news came after Bed Bath & Beyond said last week that it will be shuttering 150 more stores as the beleaguered chain cuts costs as it works to stay afloat.
The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company’s common stock. The funds will be used to pay off its debt, it said.
In early January, Bed Bath & Beyond warned that it may need to file for bankruptcy. At the time, the company released a list of more than 100 stores nationwide — including one in Farmingdale — that it plans to close in 2023.
A few weeks later, it said it was in default on its loans, didn’t have sufficient funds to repay what it owes and announced that it will close 87 more stores, including locations in New Hyde Park and Bohemia.
The latest round of store closures come as the chain has been reducing its footprint dramatically over the past year. According to a regulatory filing, it will have shuttered more than 400 stores, nearly half of its fleet. That includes the remaining 50 standalone Harmon Face Value Stores, which sells beauty and household products. The company said it anticipates keeping 360 of its namesake stores in addition to 120 BuyBuy Baby stores.
Of the eight Bed, Bath & Beyond stores on Long Island, the three that have yet to be slated for closure are in Riverhead, Westbury and Lake Grove.
-With Associated Press