Bed Bath & Beyond closing 2 Kentucky stores as sales continue to drop

LOUISVILLE, Ky. (WDRB) -- Bed Bath & Beyond is closing more stores, including two in Kentucky.

The retailer said Tuesday it's on track to close 150 stores nationwide, including the stores in Elizabethtown and Bowling Green.

The company reported that its fiscal third-quarter sales fell by one-third. While it's already been cutting costs, the retailer plans on slashing an additional $80 million to $100 million across the company with an unspecified number of layoffs.

Leaders said the retailer is running out of options to avoid bankruptcy after disappointing holiday sales, which fell by one-third compared to the same time last year. Its stock plunged 30%.

On Tuesday, the company reported sales had slid to $1.26 billion from $1.88 billion for the three months ending Nov. 26. Its quarterly loss widened to $393 million, while sales at stores open at least a year dropped 32%, according to the Associated Press.

Bankruptcy wouldn't necessarily mean closure. It could mean reorganization or some other approach to stay in business. The company said last week it had been looking at options such as restructuring.