Bed Bath & Beyond announced that they will be closing around 200 stores over the next two years after their sales fell by nearly 50% because of the coronavirus pandemic. The pandemic forced many people to shop online and the retailer saw their online sales grow by more than 100% in April and May. At the same time, their in-store sales fell by 77%, and overall their sales were down by 49% compared to last year.
"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," Mark Tritton, Bed Bath & Beyond's President and CEO said. "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."
Bed Bath & Beyond did not say which of its 955 stores will be closed down. The retailer also owns roughly 500 Christmas Tree Shops, Harmon Face Values and Buy Buy Baby stores. It also did not note if any of those stores will have to close as well.
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