Bed Bath & Beyond closes 87 more stores. Here is the list of locations

Bed Bath & Beyond is set to close 87 more stores as the company faces financial difficulties.

The new closures are in addition to the 150 stores the home improvement retailer announced last August that it would close. The company also cut its workforce by 20%. The Associated Press reported that the company estimates these cuts will save $250 million in the current fiscal year. The company also said in August that it had raised more than $500 million in new funding.

CONNECTED: Bed Bath & Beyond fails to pay off creditors, threat of bankruptcy

Bed Bath & Beyond has provided FOX with a statement regarding its closure:

“As we work with our consultants to consider multiple paths, we are taking action to manage our business as effectively as possible. We are continuing to analyze our store space based on multiple factors and have identified additional locations with our consultants. The closure of Bath & Beyond stores, which we will implement in a timely manner. In addition, the Company has announced the closure of all Harmon stores.”

The New Jersey-based company, known for selling a variety of home, baby, beauty and health products, said it will keep all stakeholders informed of its plans as they are “developed and finalized.”

CONNECTED: List of closed Bed Bath & Beyond stores

Here is a list of stores that will close soon:

The retailer said last week that it was defaulting on its loans and did not have sufficient funds to pay off the debt, AP notes. The home improvement chain said in a January 26 SEC filing that the default would force it to consider alternatives, including debt restructuring in bankruptcy court.

On Jan. 5, Bed Bath & Beyond warned it was considering options, including filing for bankruptcy, saying there were “substantial doubts” that it would be able to stay in business. A week later, the company reported a 33% drop in sales and an increase in losses for the third fiscal quarter ended November 26, compared to the same period last year. Sales at stores opened at least a year ago – a key indicator of a company’s health – fell 32%, according to the Associated Press.

The Associated Press contributed to this report. This story was reported from Washington, DC.