Bed Bath & Beyond to close 200 stores by 2022
Bed Bath & Beyond Inc. plans to close approximately 200 stores in the next two years, the company said on Wednesday.
The news comes after Bed Bath & Beyond’s latest quarter report showed a 49% plunge in sales compared to the same time the year before, and marks the beginning of the company’s efforts to recover from the crisis caused by the coronavirus.
The company’s CEO Mark Tritton stated: “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility. At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
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