Bed Bath & Beyond is set to close 63 stores by the end of 2020 after announcing plans to shutter 200 locations and slash 2,800 jobs over the next two years
- Bed Bath & Beyond is expected to close 200 stores by 2022
- Stores in 29 states are on the chopping block, with California and New York set to lose the most retailers at six locations each
- Store closures were first announced in July after sales fell 50 percent during the chain’s first quarter
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Bed Bed & Beyond has revealed which 63 locations will be the first to close their doors by the end of the year as part of the company’s cost-cutting strategy.
The news comes two months after the New Jersey-based home goods retailer announced plans to shutter 200 Bed Bath & Beyond stores and eliminate 2,800 jobs over the next two years.
Stores in 29 states are on the chopping block, with California and New York set to lose the most retailers at six locations each.
Bed Bed & Beyond has revealed which 63 locations will be the first to close their doors by the end of the year, including this Boca Raton, Florida, store
Bed Bath & Beyond’s shares were up more than 12 per cent buy midday Tuesday
Connecticut, Illinois, Indiana, Ohio and Texas will each lose four stores, followed by Florida and Maryland with three; Alabama, Colorado, New Jersey, North Carolina and Utah with two, and Arizona, Georgia, Kentucky, Louisiana, Maine, Michigan, Missouri, Nebraska, Oregon, Pennsylvania, Tennessee, Virginia, Washington, Wisconsin and West Virginia with one shuttered store each.
‘This is an important step in our multi-year program to create a sustainable, durable business and invest where it matters most to our digital-first customers and our people,’ Bed Bath & Beyond spokesperson Jessica Joyce told USA Today, which first reported on the looming closures.
The store closures were first announced in July after sales fell 50 percent during the chain’s first quarter as the coronavirus outbreak was unfolding.
At the same time, Bed Bath & Beyond reported that online sales increased by 100 per cent during April and May.
The spike was attributed to customers rushing to purchase cleaning products and home items during the pandemic. Online sales represented about two thirds of the total for the first quarter.
Bed Bath CEO Mark Tritton said at the time that closing the 200 locations would save the company between $250 and $350million per year.
Bed Bath and Beyond has nearly 1,500 stores, including 955 that operate under the chain’s brand name. The company also operates buybuy Baby, Christmas Tree Shops and Harmon Face Values.