Bed Bathtub & Beyond plans to close 200 retailers more than the next two years

Bed Bath & Beyond plans to close 200 stores over the next two years

The retail chain — which also operates Buybuy Little one, Christmas Tree Retailers and Harmon Deal with Values — claimed it would be generally closing Mattress Bathtub & Past shops, beginning later on this yr. The announcement came as the firm released its quarterly earnings report on Wednesday.

It wasn’t distinct which suppliers the firm would near, and it failed to straight away answer to requests for remark.

Just like lots of other shops, Bed Bath & Over and above was pressured to briefly close suppliers simply because of coronavirus.

“The effects of the Covid-19 predicament was felt throughout our company for the duration of our fiscal initially quarter, together with loss of profits due to momentary retail outlet closures,” mentioned Bed Tub & Past Chief Govt Mark Tritton.

Bed Bath & Over and above operated a whole of 1,478 shops, which includes 955 Bed Bath & Outside of suppliers, as of Might 31. The organization beforehand shut 21 Bed Bathtub & Outside of retailers in the course of the to start with quarter, which ended May well 31.

The permanent keep closures are a section of Mattress Tub & Beyond’s restructuring approach to assistance “rebuild and improve the business enterprise” in reaction to the impact of Covid-19 on the business.

“We believe Bed Tub & Beyond will arise from this disaster even more powerful, specified the energy of our manufacturer, our people and our equilibrium sheet,” Tritton mentioned.

But Bed Bath & Further than was in problems right before the virus hit the United States. In early January, the company gave up on meeting its past fiscal targets for investors. At the time, Tritton known as the success “unsatisfactory” and explained they underscore the essential for alter.

– Nathaniel Meyersohn contributed to this report


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