Bed Bath & Beyond to close 200 stores
Bed Bath & Beyond plans to close 200 stores over the next two years — or 1 in 5 of its nearly 1,000 U.S. retail outlets — in a move that company officials said will save between $250 million and $350 million and help transition the home goods retailer into a “digital first” operation.
The company already had plans to push customers toward online ordering and curbside pick-up, but slumping sales caused by the coronavirus pandemic accelerated that shift, CEO Mark Tritton said during an earnings call Wednesday.
The New Jersey-based company reported $1.3 billion in sales for the company’s first quarter ended May 31, a nearly 50% plunge from the same period last year. Online and mobile app sales grew 82% in the quarter.
Bed Bath & Beyond is now converting some of its closed stores into what the industry …continued .
[Source: CBS News]