Most of the closings are anticipated after the vacation buying season in early 2020, firm officers stated.
Bed Bath & Beyond Inc. plans to close roughly 200 shops over the following two years, the corporate introduced Wednesday.
The New Jersey-based house items retailer, which additionally operates buybuy Baby, Harmon Face Values and World Market, stated the closing shops would “mostly” be Bed Bath & Beyond shops.
In January, firm officers stated they nonetheless deliberate to close 60 shops throughout all of its ideas, which was initially introduced in October 2019. However, in January, the corporate stated 20 of the 40 Bed Bath & Beyond shops scheduled to close can be delayed till the primary half of 2020. (Here’s the checklist of 40 closing shops that the corporate launched in January.)
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The closings signify about 21% of the corporate’s 955 Bed Bath & Beyond shops, officers stated throughout an earnings name with analysts Wednesday.
CEO Mark Tritton stated in a information launch saying the everlasting store closures and the corporate’s quarterly earnings that the COVID-19 pandemic “was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures.”
As of May 30, the corporate had 1,478 shops, together with the Bed Bath & Beyond shops nationwide and in Canada, 262 shops beneath the names of World Market, Cost Plus World Market or Cost Plus, 127 buybuy BABY shops, 81 shops beneath the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, and 53 shops beneath the names Harmon, Harmon Face Values or Face Values.
During the quarter, which ended May 30, the corporate stated it closed 21 Bed Bath shops and in addition closed 14 shops in late 2019.
“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 stated within the launch.
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
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