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Bed Bath & Beyond to close nearly 40 stores in coming weeks

Addy Bink, Nexstar Media Wire

LARKSPUR, CALIFORNIA - JULY 09: A Bed Bath & Beyond store is seen on July 09, 2020 in Larkspur, California. Bed Bath & Beyond announced that it plans to close 200 of its retail stores over the next year after seeing sales drop nearly 50 percent due to the coronavirus COVID-19 pandemic. (Photo by Justin Sullivan/Getty Images)

(NEXSTAR) — More than two dozen Bed Bath & Beyond locations are preparing to shut their doors for good in the coming weeks.

The New Jersey-based home goods retailer previously announced plans to close roughly 200 stores over two years, starting in 2020. According to a recent presentation on Bed Bath & Beyond’s third-quarter results, about 170 stores have already been closed.

Shares soared for Bed Bath & Beyond on Thursday, jumping more than 10% at the opening bell. The retailer lost $276.4 million, or $2.78 per share, for the three months ending Nov. 27. The per-share losses adjusted for restructuring costs and other items was 25 cents, much worse than the break-even quarter industry analysts had projected, according to Zacks Investment Research.

For the current quarter ending in February, Bed Bath & Beyond said it now expects revenue in the range of $2.1 billion.

According to Bed Bath & Beyond, 37 locations are closing, many by the end of February. In a statement shared with Nexstar, the company says these stores are part of the previously announced plans to close 200 over two years.

Here is a list of the locations on track to close in the coming weeks:

Alabama

Arizona

California

Florida

Georgia

Idaho

Michigan

Minnesota

Missouri

Mississippi

New Jersey

New York

Ohio

Pennsylvania

Texas

Virginia

Washington

Wisconsin

West Virginia

While many of the chain’s locations are closing, roughly 450 – slightly more than half of its 809 locations – are on track to be remodeled, the company reports.

The Associated Press contributed to this report.