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bed head?!.....'Bed, Bath & Beyond' closing 200 stores.....
Posted by: NewtonMP2100
Date: July 09, 2020 10:24AM
.....cut costs.....


Bed Bath & Beyond to permanently close 200 stores

.....Bed Bath & Beyond will permanently close 200 stores within the next two years, the company announced on Wednesday.

The retailer released its plans to shut down 21 percent of its stores beginning later in 2020. Bed Bath & Beyond, which runs Buybuy Baby, Harmon Face Values, Christmas Tree Shops, and World Market, said the closures will "mostly" apply to Bed Bath & Beyond stores.

The closures are expected to help the company save between $250 and $350 million annually after one-time expenses.

The announcement comes as Bed Bath & Beyond reported a 49 percent loss in sales during its first quarter this year, during "the most critical months to date of the COVID-19 pandemic," according to the release.

During the same period, net online sales jumped 82 percent and accounted for two-thirds of the company's first quarter net sales.

"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," company CEO Mark Tritton said in the release.

"We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet," he added.

As of the end of May, Bed Bath & Beyond had 1,478 stores. The company reported closing 21 stores last quarter and 14 stores in late 2019.

Tritton told CNBC that stores were performing above internal expectations as they are reopening. But certain areas of the U.S. are experiencing surges in cases, prompting some retailers like Macy's and Levi's to consider reclosing several stores.

Retail stores have struggled financially during the pandemic, leading several to file for bankruptcy, including Brooks Brothers, Neiman Marcus, J. Crew and J.C. Penney.



permanently closing......200 stores.....?!



_____________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 07/09/2020 10:40AM by NewtonMP2100.
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Re: bed head?!.....'Bath, Bed, Beyond' closing 200 stores.....
Posted by: cbelt3
Date: July 09, 2020 10:29AM
COVID-19 has subjected the retail industry to an Armageddon scenario in the midst of the Amazonian apocalyptic invasion. As Q2 results come streaming in, we will see more and more Chapter 11 filings. Smaller mom and pop shops are going Chapter 7, in many cases because they were edged out of the SBA programs thanks to beltway banditry.
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Re: bed head?!.....'Bed, Bath & Beyond' closing 200 stores.....
Posted by: pdq
Date: July 09, 2020 11:32AM
Not quite the same, but I saw that United has told some 36,000 folks they may get laid off on Oct 1.

In order to get stimulus money, United had to keep them on payroll until Sept 30. The following day, they may be without a job.

Tough times.
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Re: bed head?!.....'Bed, Bath & Beyond' closing 200 stores.....
Posted by: N-OS X-tasy!
Date: July 09, 2020 02:46PM
Not surprising -- I'm not sure we wouldn't have seen a similar announcement even without COVID happening.



It is what it is.
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Re: bed head?!.....'Bed, Bath & Beyond' closing 200 stores.....
Posted by: blooz
Date: July 09, 2020 09:48PM
Quote
N-OS X-tasy!
Not surprising -- I'm not sure we wouldn't have seen a similar announcement even without COVID happening.
I've been in the one nearby a half dozen times in the past two or so years and about a half dozen customers were all I saw each of those visits.



And we should consider every day lost on which we have not danced at least once.
—Friedrich Nietzsche
Western Massachusetts
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