Bed Bath & Beyond announced that it plans to close about 200 stores over the next two years. The retail chain, which also operates buybuyBABY, Christmas Tree Shops and Harmon Face Values, said it would be mainly closing Bed Bath & Beyond stores, starting later this year. Like many other retailers, Bed Bath & Beyond was forced to temporarily close their stores due to the coronavirus pandemic.
The company released its quarterly earnings report on Wednesday.
Mark Tritton, Bed Bath & Beyond’s President and CEO said, “The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital. 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.
“With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced omni-always shopping experience. We are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services. We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet,” Tritton added.
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