Bed Bath & Beyond to Close More Than 200 Stores Over Next Two Years

More than 200 Bed Bath & Beyond stores will close down over the next two years. This is part of a restructuring effort caused by the COVID-19 pandemic.

“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 and margin pressure from the substantial channel shift to digital,” said Mark Tritton, Bed Bath & Beyond's president and CEO.

“From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced,” he added. “And we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” he then said. They had done “actions to strengthen our financial position and liquidity,” Tritton also mentioned. He then said these actions are “enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”

Many expect this move to help save between $250 and $350 million annually.

The company reported a 49 percent decrease in net sales to $1.3 billion compared to $2.57 billion in 2019. The company’s net online sales “accounted for nearly two-thirds of total net sales,” according to Fox Bussines. This “surged 82 percent during the quarter, with increases of more than 100 percent during April and May.”

Net store sales have decreased around 77 percent as 90 percent of Bed Bath & Beyond stores have been closed during the majority of the quarter.

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