Bed Bath & Beyond in big store closing move (chainstoreage.com)

Bed Bath & Beyond plans to close about 200 stores during the next two years as it looks to return to profitability.

The embattled home furnishings retailer, which operated a total of 1,478 stores as of May 30, announced the decision to “right-size” its real estate portfolio in reporting its first-quarter results. Bed Bath & Beyond said the closings, which will mostly affect its 955 namesake locations, and other cost restructurings should generate annual cost savings of between $250 million and $350 million, excluding related one-time costs. (Bed Bath & Beyond’s other store banners include buybuy Baby, Christmas Tree Shops and Harmon Face Values.)

The company reported that its net loss narrowed to $302.29 million, or $2.44 per share, for the quarter ended May 30, from $371.09 million, or $2.91 a share, in the year-ago period. Excluding one-time items, it lost $1.96 per share.

Sales tumbled 49% to $1.31 billion from $2.57 billion a year ago, as the retailer’s stores were temporarily shuttered for much of the quarter amid the COVID-19 pandemic.
more at source: https://chainstoreage.com/bed-bath-beyond-big-store-closing-move

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