Domestic merchandise retailer Bed Bath & Beyond plans to close 200 stores over the next two years.
The home furnishings retailer, which as of 30 May operated a total of 1,478 stores, has revealed a decision to “right size” its real estate portfolio.
The planned closure of 200 stores will mostly affect its 955 namesake locations, with other cost restructurings generating annual cost savings of between $250M and $350M, not accounting for one-time costs.
“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,” stated president and CEO Mark Tritton. “Our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
“We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet,” he added.
