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 operates Buybuy Baby, Christmas Tree Shops and Harmon Face Value – said it would close mainly Bed Bath & Beyond stores from the end of this year. The announcement came as the company released its quarterly earnings report on Wednesday.

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

Just like many other retailers, Bed Bath & Beyond was forced to close temporary stores due to corona.

“The impact of the Covid-19 situation has been felt throughout our business during our first quarter of the year, including the loss of sales due to the temporary closure of stores,” said Bed Bath & Beyond Mark Tritton, CEO.

Bed Bath & Beyond has opened a total of 1,478 stores, including 955 Bath & Beyond stores, as of May 31st. The company has previously closed 21 Bath & Beyond stores in the first quarter, ending May 31.

The permanent closure of stores is part of Bed Bath & Beyond’s restructuring plan to help “rebuild and grow the business” in response to Covid-19’s impact on the company.

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

But Bed Bath & Beyond had problems before the virus hit the United States. In early January, the company stopped achieving its previous financial goals for investors. At the time, Tritton called the results “unsatisfactory” and said they were emphasizing the need for change.

– Nathaniel Meyersohn contributed to this report

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