Bed Bath & Beyond is closing at least 34 more stores in 4 key states.

On the verge of financial collapse and in need of significant additional cost cuts, Bed Bath & Beyond’s executives seem willing to give up even more market share to competitors like Target and Walmart.

This week, Bed Bath & Beyond said it was going to close 150 stores as part of an effort to cut costs and save cash, updating its list of locations to 122 stores. This list shows that Bed Bath & Beyond will close at least 18 stores in a key tri-state area of ​​New York (8), the company’s home state of New Jersey (7) and Connecticut (3) in addition to at least 16 stores. In California.

After these stores close, the latest estimate is that the near-death retailer will operate 144 stores in the tri-state area and 71 stores in California. In comparison, Target and Walmart have about 164 and 226 stores, respectively, in the tri-state area, and about 314 and 321 stores, respectively, in California.

Stores Bed Bath & Beyond.  (via Anisha Sherman/Bernstein)

Stores Bed Bath & Beyond. (via Anisha Sherman/Bernstein)

Is the bed in the bathroom broken?

Bed Bath & Beyond continues to struggle: The struggling retailer released highly anticipated holiday quarter results on Tuesday, and the picture was not a pretty one.

Here are the seven numbers that stand out from Yahoo Finance:

  1. Net sales fell 33% from the previous year.

  2. Comparable digital sales fell a whopping 33%.

  3. Comparable sales of Bed Bath & Beyond banners fell 34%.

  4. Comparable sales of BuyBuyBaby banners fell in the low 20s.

  5. Adjusted operating loss of $225 million.

  6. There is only $153.1 million in cash on the balance sheet.

  7. It is expected that 150 stores will be closed.

Signs outside a Bed Bath & Beyond store in Somerville, Massachusetts, USA on June 17, 2016.  REUTERS/Brian Snyder

Signs outside a Bed Bath & Beyond store in Somerville, Massachusetts, USA on June 17, 2016. REUTERS/Brian Snyder

During a roughly 10-minute earnings call with no analysts asked, Bed Bath & Beyond CEO Sue Gove talked about $80 million to $100 million in spending cuts. In addition to closing stores, the company is now laying off even more corporate employees.

Bed Bath & Beyond recently said bankruptcy was brewing as it worked to bolster its battered balance sheet after a disastrous holiday shopping season.

Gove reiterated on Tuesday that all options remain on the table to save the retailer.

“As we reported last week, we continue to work with consultants as we consider all strategic options to achieve our short and long term goals,” Gove said. “We have a team, internal and external, with a proven track record of helping companies successfully navigate challenging situations and grow stronger. We are exploring several paths, and we are carefully and timely determining our next steps. We are committed to keeping all stakeholders informed about our plans as they develop and complete, especially our employees and partners who are important catalysts for our business and cornerstones of our future.”

Shares rose 21% in Tuesday’s session as Gove did not mention the bankruptcy on the income statement or short conference call. Shares added about 25% more in premarket Wednesday, but the share price remains in early 1990s territory.

Brian Sozzi is the editor-in-chief and Lead at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and beyond LinkedIn.

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