Bed Bath & Beyond plans to close 200 stores in the next two years

Bed Bath & Beyond plans to close 200 stores in the next two years

The retail chain – which also sells Buybuy baby products, Christmas trees and Harmon Face Values ​​- said it will mostly close Bed Bath & Beyond stores, starting later this year. The announcement came after the company released its quarterly earnings report on Wednesday.

It was not clear which stores the company would close and did not immediately respond to requests for comment.

Like many other retailers, Bed Bath & Beyond have been forced to temporarily close stores due to coronavirus.

“The impact of the Covid-19 situation was felt during our operations during our fiscal first quarter, including loss of sales due to temporary store closures,” Bed Bath & Beyond CEO Mark Tritton said.

As of May 31, Bed Bath & Beyond ran a total of 1,488 stores, including 955 Bath & Beyond bed stores. The company closed 21 Bed Bath & Beyond stores before the first quarter, which ended May 31.

Permanent store closures are part of Bed Bed & Beyond’s restructuring plan to help “rebuild and grow the business” in response to Covid-19’s impact on the company.

“We believe Bed Bath & Beyond will come out of this crisis even stronger, given the strength of our brand, our people and our balance sheet,” Tritton said.

But Bed Bed & Beyond was in trouble before the virus hit the United States. In early January, the company gave up on meeting its previous financial goals for investors. Tritton then called the results “unsatisfactory” and said they emphasized the imperative of change.

– Nathaniel Meyersohn contributed to this report

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