BBBY - Watch these retailers as the most likely to nab sales from closing Bed Bath & Beyond stores

There are not any new developments surrounding a potential bankruptcy for Bed Bath & Beyond ( NASDAQ: BBBY ), but some of retail vultures are circling with even more stores expected to be closed.

Telsey Advisory Group did a deep dive on Wednesday into which retail sector competitors could pick up sales across the 37 states where BBBY operates.

Analyst Christina Fernandez said the data indicated that Target ( TGT ) has the greatest number of stores near a closing Bed Bath & Beyond. "In fact, 63% of closing Bed Bath & Beyond stores have a Target within one mile and 85% within three miles," she noted. Walmart ( WMT ) ranked second by having a store within a mile of 53% of the closing Bed Bath & Beyond stores and operating a store within 83% of the closing locations. TJX Companies ( TJX ) could also be beneficiary with stores within one mile of 37% of the closing Bed Bath & Beyond stores and within three miles of 54% of the locations. Burlington Stores ( BURL ) and Ross Stores ( ROST ) are two other retailers that could be expected to see some incremental sales. Online players Amazon ( AMZN ) and Wayfair ( W ) also have some overlap with BBBY that could see customers turn to online buying with stores being shuttered.

After crunching all the numbers, Telsey thinks Wayfair ( W ) is the retailer that could benefit the most in terms of a positive lift to comparables sales directly as a result of closed Bed Bath & Beyond stores.

As for BBBY, shares fell 2.65% in Wednesday afternoon trading and are down about 11% as the bouncy trading continues on the highly-shorted stock.

Read the latest breakdowns on Bed Bath & Beyond ( BBBY ) from Seeking Alpha authors.

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