Bed Bath & Beyond Set to Close 200 Stores across the Country
Bed Bath & Beyond just declared that it will close as many as 200 stores within the next two years. The company recently reported that its sales were down 49% in the most recent quarter.
The New Jersey-based home goods chain said that due to the ongoing novel coronavirus pandemic, its net sales were down 49% during the quarter made up by March, April, and May compared to the previous year.
Meanwhile, Bed Bath & Beyond's online sales were brisk, growing 100% during April and May, while in-store sales fell roughly 77%.
THE PANDEMIC'S IMPACT
"The impact of the COVID-19 situation was felt across our business during our fiscal first quarter," explained Mark Tritton, Bed Bath & Beyond's President and CEO.
That includes the loss of sales because of temporary closures of store and the influence of the significant channel shift to digital.
Tritton added that they have taken "measured, purposeful steps" to help keep their workers safe and their customers serviced from the start of the pandemic.
"We are proud of the way our teams have navigated this unprecedented challenge with speed and agility," he continued.
As reported by AL, the locations scheduled for closing have not been declared. The company operates somewhere in the range of 955 locations.
Dunkin' is also set to permanently close 450 locations by the end of this year.
Meanwhile, as reported by Today, nearly all of the stores of the company have been reopened across the country. Customers have been purchasing more home accessories than cleaning supplies. Tritton said in an interview that "home is now everything" and that "it's the epicenter."
The closing of Bed Bath & Beyond's stores came after a host of other major chains have announced bankruptcies and permanent closure of stores.
Besides Bed Bath & Beyond, Dunkin' is also set to permanently close 450 locations by the end of this year, according to Today.
In any case, the stores permanently shutting are all situated in Speedway gas stations. The declaration of the closure follows the end of the company's association with Hess.
In a statement, Dunkin', the coffee and doughnut chain formally known as Dunkin' Donuts, explained that the move will help support the efforts of the chain to concentrate on its more abundant standalone cafes.
ⓘ We at AmoMama do our best to give you the most updated news regarding the COVID-19 pandemic, but the situation is constantly changing. We encourage readers to refer to the online updates from CDС, WHO, or Local Health Departments to stay updated. Take care!