Bed Bath Beyond closing more than 87 stores

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Bed Bath Beyond closing more than 87 stores

Bed Bath Beyond is closing more than 87 stores, as the troubled home goods retailer seeks to consolidate its assets ahead of a possible bankruptcy filing.

In a statement, the company said it was closing all Harmon health and beauty store locations.

The store footprint is analyzed based on a number of factors, and we are implementing actions to manage our business as efficiently as possible, as we work with our advisors to consider multiple paths, it said. The chain is closing five buybuy BABY stores. The company has announced 237 store closures since last year.

A list of the latest stores shutting down can be found here.

On Tuesday, Reuters reported that Bed Bath Beyond may file for bankruptcy as soon as this week. The company said last week that it had defaulted on a loan to JP Morgan Chase and Co.

Sources told Reuters that the company is considering skipping debt payments due Wednesday, a move typical of the distressed companies taking to conserve cash.