Bed, Bath and Beyond announces major update that will drastically affect how thousands of Americans shop

BED, Bath and Beyond has announced a major update that will drastically change how thousands of people across the US shop.

The company revealed it's in the process of shutting down 150 stores after reporting 25 percent losses during its most recent quarter.

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To start, Bed, Bath, and Beyond will close 56 stores, across 22 states, with the goal of saving approximately $250million.

"All currently planned store closings have been announced, and we will continue to review our portfolio where it makes sense to profitably support our customers and business," the company said in a recent statement, according to CNN Business.

Last month, the retailer said in a press release that the move will impact "lower-producing" stores and 20 percent of staff members across corporate and its supply chain.

The closures come at a time when the company is switching strategies to strengthen sales and financials.

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Before the closures, Bed Bath & Beyond had 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 per CNN Business company sales at stores that have been open for at least one year dropped 26 percent in the most recent quarter.

The Sun previously reported that as of February, it had roughly 32,000 employees.

The struggling retailer also said it will continue to assess its portfolio, leases, and staffing in order to "ensure alignment with customer demand and go-forward strategy."

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The Company plans to keep shoppers and drive traffic and sales by leveraging its cross-banner loyalty program, Welcome Rewards.

The rewards program offers savings and special perks to customers who shop online and in stores nationwide at any one of its chains: Bed Bath & Beyond, buybuy BABY, and Harmon.

The company reported that after launching nationally, "the program has seen strong momentum with five million total members, increasing new membership by 20 percent."

The first 56 closures

It's unclear when the closures will start, but Bed Bath & Beyond did announce the first 56 stores set to close.

To check the addresses for each, visit the list of locations.

Arizona

• I 17 & Carefree Highway
• I 19 & Irvington

California

• Santee
• Redding
• San Leandro
• Lakewood
• Larkspur
• Palmdale
• Burbank
• Marina

Connecticut

• Stamford
• Waterford

Florida

• Sawgrass
• Sanford

Georgia

• Snellville
• Johns Creek

Illinois

• Gurnee
• Schaumburg
• Fairview Heights
• Carbondale
• Joliet
• Kankakee

Iowa

• Waterloo
• Dubuque

Louisiana

• Bossier City

Massachusetts

• Seekonk
• Dorchester
• Granite Heights

Michigan

• Farmington Hills
• Northville
• Chesterfield Twp
• White Lake
• Walker

Minnesota

New Jersey

• Paramus
• Mt Olive
• Manalapan

New York

• Orange Plaza
• Mt Vernon
• New Hartford
• Plattsburgh
• Farmingdale

Nevada

North Carolina

Ohio

• Princeton
• Colerain
• Perrysburg Twp
• Sandusky

Oregon

Pennsylvania

Puerto Rico

Texas

• Wichita Falls
• Port Arthur

Washington

• Lakewood Towne Center

Virginia

• Christiansburg
• Leesburg

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Meanwhile, a top Bed Bath & Beyond executive was named in a fraud lawsuit just days before he plunged to his death from a New York skyscraper.

Plus, The Sun revealed a 20-year-old college student's Bed Bath & Beyond investment.