GENEVA, IL — Geneva’s Beth Bath & Beyond is among five more stores in Illinois, for a total of 87 nationwide, shuttering their doors in the coming months amid struggles to avoid bankruptcy, the company announced Tuesday.
Besides the Geneva location, at 1584 S. Randall Road, Illinois stores closing are located in Wilmette, Crystal Lake, Chicago Ridge and Forest Park.
The company previously announced in September and December it would close low-performing stores — at that time, only 10 stores were affected. Following Tuesday’s additional closures, that brings the list to 90 stores across the United States, Patch reported.
Bed Bath & Beyond was exploring “multiple paths” with the goal of avoiding bankruptcy, Reuters reported. The retailer also missed a loan payment, and as January comes to a close, the company could file for bankruptcy as early as this week, the outlet reported.
“The company continues to consider all strategic alternatives,” Sue Grove, the president, and CEO of the company said on Jan. 5 in a statement issued to stakeholders, “including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures including obtaining relief under the U.S. Bankruptcy Code. These measures may not be successful.”
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Grove said in the memo the company has a “clear vision” for the future of the company but said that long-term success would be based on refocusing on merchandising and inventory and operating more efficiently.
Once the Randall Road location is no longer, the closest store to Geneva will be in Naperville, at 336 S. Route 59.