Bed Bath & Beyond to close 200 stores amid a steep decline in sales

Business

Sales in Bed Bath & Beyond's first fiscal quarter dropped 50% prompting the company to close 200 stores over the next two years

(FOX NEWS) — Bed Bath and Beyond say it’s taken a major hit because of the coronavirus and is forced to take drastic measures.

The company announcing it will close roughly 200 Bed Bath locations over the next two years.

In-person sales have dropped nearly 50 percent, compared with last year while online sales spiked.

The company estimates the closures will save between 250 and 350 million dollars.

Like many retailers, Bed Bath, which owns BuyBuy Baby, Christmas Tree Shops, and Harmon Face Values, was forced to close thousands of stores around the US because of the pandemic.

Bed Bath does acknowledge some re-opened stores are performing well since folks are stocking up on cleaning supplies.

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