Bed Bath & Beyond plans to close 200 stores within the next two years
Bed Bath & Beyond announced Wednesday that it plans to close roughly 200 stores within the next two years.
(WVLT/CNN) - Bed Bath & Beyond announced Wednesday that it plans to close roughly 200 stores within the next two years.
CNN reported that the retail chain announced the closures as it released its quarterly earnings.
Bed Bath & Beyond operated a total of 1,478 stores, including 955 Bed Bath & Beyond stores, as of May 31. The company previously closed 21 Bed Bath & Beyond stores during the first quarter, which ended May 31.
The company, which also operates Buybuy Baby, Christmas Tree Shops and Harmon Face Value, said it would be mainly closing Bed Bath & Beyond stores, starting later this year.
It isn’t clear which store locations the company would close at this time.
Just like many other retailers, Bed Bath & Beyond had to temporarily close stores because of coronavirus a few months ago.
“The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures,” said Bed Bath & Beyond Chief Executive Mark Tritton.
Bed Bath & Beyond said the permanent store closures are a part of the company’s restructuring plan to help “rebuild and grow the business” in response to the impact of COVID-19 on the company.
“We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet,” Tritton said.
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