Bed Bath & Beyond said yesterday its sales dropped nearly 50% during its latest quarter, even as online sales surged more than 100% during April and May, with consumers stocking up on home decor and cleaning supplies.
Bed Bath & Beyons is reporting that it plans to permanently close approximately 200 of its namesake stores over the next two years, starting later in 2020.
As of May 30, it operated a total of 1,478 stores, including 955 Bed Bath & Beyond shops.
"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," Mark Tritton, Bed Bath & Beyond's president and CEO, said in a statement. "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."