Bed, Bath And Beyond To Close 200 Stores
BED, BATH & BEYOND ANNOUNCES PLANS TO PERMANENTLY CLOSE 200 STORES OVER THE NEXT TWO YEARS
(CNN) – The economic downturn caused by the coronavirus pandemic is forcing Bed, Bath and Beyond to permanently close 200 stores.
The closings which will take place over the next two years, amount to about 20% of its namesake stores.
Wall Street analysts had warned that Bed, Bath and Beyond was in trouble before COVID-19 hit the U.S.
In a quarterly statement released Wednesday, the company says the closings will save between $250 and $350 million a year.
Bed, Bath and Beyond CEO Mark Tritton says the retailer will emerge from this crisis even stronger, given the strength of the brand.
The New Jersey based retailer has not identified which of the 200 stores will be closing yet.