This Beloved Retail Chain Is Closing Over 35 Stores in the Next 2 Months
The company is shuttering locations all across the U.S.
The last two years have been anything but forgiving for retail chains across the U.S. From the Disney Store to DSW, many companies were forced to close stores across the country amid the COVID pandemic. Some retailers, like Kmart, were left with less than 10 remaining locations in total by the end of 2021. Unfortunately, as we enter a new year, the pandemic has not stopped and neither have retail closures. One beloved chain just announced that it plans to close more than 35 locations in the next two months alone. Read on to find out if one of your favorite stores is on the never-ending chopping block.
Bed Bath & Beyond is closing over 35 stores in the next two months.
One beloved retail chain is having to say goodbye to a significant portion of stores in the coming weeks. Bed Bath & Beyond announced that it will close 37 stores over the next two months, with all of the planned closures expecting to occur by the end of February, according to CNBC. The news outlet said the company is shuttering underperforming locations. Currently, Bed Bath & Beyond is reported to have nearly 1,000 stores in the U.S., per The Wall Street Journal.
The company just reported a large sales decline.
Bed Bath & Beyond struggled in their last quarter, so the store closings might not come as too much of a surprise. According to The Wall Street Journal, on Jan. 6 the company reported a large sales decline for the quarter that included part of the holiday season. Comparable sales declined 7 percent in the quarter while net sales fell 28 percent compared to the same period last year.
"The customer experience was compromised as strong demand wasn't met with strong product availability," Bed Bath & Beyond CEO Mark Tritton said during an earnings call on Jan. 6, per The Wall Street Journal. According to Tritton, supply chain issues were a large factor in the company's low sales, affecting nearly $100 million in sales for the entire quarter.
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Bed Bath & Beyond locations are closing all throughout the country.
The soon-to-be shuttered locations are spread all across the U.S. According to The Wall Street Journal, Bed Bath & Beyond is closing stores in 19 different states: Alabama, Arizona, California, Florida, Georgia, Idaho, Michigan, Minnesota, Missouri, Mississippi, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia, Washington, Wisconsin, and West Virginia.
Certain states are getting hit harder than others by the closures, however. New York will be the hardest hit, with seven Bed Bath & Beyond stores being shuttered in this state alone. The next will be California and Washington, which will be losing five and four of the company's stores, respectively.
The company first announced plans to close stores in 2020.
Bed Bath & Beyond didn't just start closing stores this year. The retailer first announced in July 2020 that it would permanently close 200 of its stores over the next two years, USA Today reported at the time. According to the news outlet, 63 of the planned closures occurred by the end of 2020. And then 43 were set to close by the end of Feb. 2021.
"As we rebuild our authority and establish a truly omni-always shopping experience for our customers, we recently announced a store optimization plan that will see us establish the right network of stores to serve our customers," Bed Bath & Beyond spokeswoman Jessica Joyce told USA Today in 2020. "This is an important step in our multi-year program to create a sustainable, durable business and invest where it matters most to our digital-first customers and our people."