After announcing plans to close more than 150 stores, Bed Bath & Beyond has released a list of over 50 locations it intends to shutter. The first wave of closures affect select stores in more than 20 states, including Connecticut, New Jersey, Florida, Illinois, Michigan, North Carolina and Pennsylvania.
In August, the retailer announced its plan to close stores as part of a new turnaround plan, which also included laying off 20% of its corporate and supply chain staff and discontinuing three of its private labels in favour of national brands. Bed Bath & Beyond has faced sales declines recently after receiving a short boost during the early months of the pandemic. In its most recent quarter, the retailer reported net sales fell 25% year over year to $1.5 billion, while comparable sales were down 23%. Bed Bath & Beyond’s operating loss expanded by more than $265 million and its net loss grew by over $300 million.
The store closures also come amid a shakeup to the retailer’s C-suite. Mark Tritton exited his role as CEO in June and was replaced in the interim by Sue Gove, who reportedly will remain in the post for at least another year, according to a Reuters report. The retailer has also experienced changes to other positions, including chief financial officer, chief merchandising officer, chief operating officer and chief stores officer.
Click here to view a list of Bed Bath & Beyond’s most recently announced store closures.
Source: Retail Dive
Source: CNBC
