Bed Bath & Beyond Inc. Closing 200 Stores Over Next Two Years
Bed Bath & Beyond Inc. has announced plans to close 200 stores, roughly 21% of its properties over the next 2 years.
Bed Bath & Beyond Inc. also owns buybuy Baby, Harmon Face Values, and World Market but said of the 200 stores, most of them will be Bed Bath & Beyond stores according to shreveporttimes.com.
The Company's CEO Marl Tritton said the store closings will "save the company between $250 and $350 million annually after one-time costs."
Tritton points to the COVID-19 financial impact of temporary closings across the country as the reason for the closings.
From shreveporttimes.com -
"In January, company officials said they still planned to close 60 stores across all of its concepts, which was originally announced in October 2019. However, in January, the company said 20 of the 40 Bed Bath & Beyond stores scheduled to close would be delayed until the first half of 2020."
Read more at shreveporttimes.com.