Bed Bath & Beyond closing 6 stores in Illinois
CHICAGO (CBS) -- Six Bed Bath & Beyond stores in Illinois will close by the end of the year.
Four of the stores are in the Chicago area: Gurnee, Schaumburg, Joliet, and Bourbonnais. The other two are in Carbondale and in Fairview Heights, near St. Louis.
The struggling retailer has released a list of 56 stores that are closing nationwide, and has said it plans to close about 150 stores and slash its workforce by 20%.
It estimated those cuts would save $250 million in the company's current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.
But it will keep its buybuy Baby chain, which earlier this year it considered selling.
Bed Bath & Beyond blames declining sales and a changing workforce for the closures.
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000 employees.