Bed Bath & Beyond To Close 200 Stores Over The Next Two Years
MIAMI (CBSMiami/CNN) -- Another company hit hard by the coronavirus, Bed Bath & Beyond announced Wednesday that it plans to close roughly 200 stores in the next two years.
The retail chain — which also operates Buybuy Baby, Christmas Tree Shops and Harmon Face Values — said it would be mainly closing Bed Bath & Beyond stores, starting later this year. The announcement came as the company released its quarterly earnings report on Wednesday.
It wasn't clear which stores the company would close, and it didn't immediately respond to requests for comment.
Just like many other retailers, Bed Bath & Beyond was forced to temporarily close stores because of coronavirus.
"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 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 permanent store closures are a part of Bed Bath & Beyond'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.
But Bed Bath & Beyond was in trouble before the virus hit the United States. In early January, the company gave up on meeting its previous financial targets for investors. At the time, Tritton called the results "unsatisfactory" and said they underscore the imperative for change.
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