Bed Bath & Beyond Cuts 56 Stores in Latest Turnaround Move (1)

Bed Bath & Beyond Inc. is starting to close down and liquidate 56 stores as part of a wide-ranging turnaround plan, which the troubled retailer is betting will rekindle some of its lost appeal with US shoppers.

The closings, many of which are happening in the upper Midwest, New York and New Jersey where its locations are more densely packed, are the first round of what will ultimately total about 150 stores.

Along with job cuts for 20% of its workforce, the changes are aimed at slashing costs at a business that has burned through cash and lost customers ...