- Bed Bath & Beyond has released a list of dozens of stores it will close.
- The struggling home goods retailer said it would close about 150 namesake stores as it works to stabilize its finances and deal with falling sales.
- The company is also laying off employees and has received more than $500 million in new funding.
Bed Bath & Beyond has announced dozens of approximately 150 stores it plans to close.
The struggling home goods retailer unveiled plans last month to close low-production stores that account for about 20% of its eponymous stores.
The closure is part of a broader plan to try to stabilize the company’s financial position and reverse falling sales. At the end of August, Bed Bath raised over $500 million in new funding, including a loan, ahead of the key holiday season. Its workforce is also getting smaller as it cut its corporate and supply chain staff by about 20%.
Bath & Beyond bed published list of 56 places of the same name that he will close. They are scattered across the US, from California and Nevada to Ohio and Florida.
The retailer also operates other chains. As of the end of the first fiscal quarter, it had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values, or Face Values banners. However, he adds to his baby products banner. During this three-month period ending May 28, five Buybuy Baby stores were opened.
The share of Bed Bath & Beyond has already declined significantly. It has fallen by about 35% over the past two years as the company closed other offices. At the end of the first quarter of 2020, it had a total of 1,478 stores. By the same time this year, it had a total of 955 stores, including 769 Bed Bath & Beyond stores.
Bed Bath & Beyond is at a defining moment. He suffered quarter after quarter of falling sales and burning money, remodeling stores, developing private brands and buying back his own shares. Its same-store sales were down 23% in the first quarter and 26% in the three-month period ending August 27th.
The company plans to report its full second quarter results later this month.
Bed Bath & Beyond is looking for new executives to replace the interim CEO and CFO. His reign ousted Mark Tritton, a Target veteran named CEO in 2019, to lead the reorganization and Joe Hartsig, director of merchandising. Its chief financial officer, Gustavo Arnal, committed suicide earlier this month. The company abolished the positions of Store Manager and Chief Operating Officer.
The company’s shares are down about 38% this year. As of Thursday afternoon, the stock was trading around $8.90, up 1.6%.
View list of closing locations here.
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