Bed Bath & Body announced it will be closing 62 more stores across the United States, including in Chula Vista, Valencia, Buena Park, and La Habra.
The struggling home goods retailer first announced last September that it will be closing 150 stores across 30 U.S. states. The closures come in an effort to stabilize the company’s finances and turn around its declining sales.
The company also announced it may need to file for bankruptcy.
The company said it was on track to cut $500 million in costs in its third-quarter fiscal report, which revealed a net sales decline of 33% to $1.26 billion over the prior year on $393 million in losses.
The decline in net sales versus last year was driven by "lower customer traffic and reduced levels of inventory availability, among other factors," the company cited in a public notice of late filing last week to the U.S. Securities and Exchange Commission.
The company said it “has concluded that there is substantial doubt about the Company’s ability to continue as a going concern.”