Bed Bath & Beyond to close 200 stores

Despite surge in online activity, sales fell 50 percent

New York /
Jul.July 09, 2020 12:00 PM
 
Bed Bath & Beyond will close 200 stores as the retailer’s sales plummeted 50 percent. (Getty)

Bed Bath & Beyond will close 200 stores as the retailer’s sales plummeted 50 percent. (Getty)

Bed Bath & Beyond may have to rethink the ‘beyond’ part. The retailer said Wednesday that it will close 200 stores over the next two years.

Although online sales more than doubled during April and May, the company’s total sales fell by nearly half during its latest quarter. As a result, Bed Bath & Beyond will begin to permanently close a portion of its locations later this year, according to CNBC.

As of May 30, the company, which includes the chains Buybuy Baby, Christmas Tree Shops and Harmon Face Values, operated 1,478 stores, of which 955 are Bed Bath & Beyonds.

“We saw there were a number of stores dragging us down,” Chief Executive Mark Tritton told CNBC. “We will continue to look at the rest of our concept doors, now that we have established the data criteria.”

Bed Bath & Beyond is just the latest retailer to be forced into closures by the coronavirus pandemic.

The same day that Bed Bath & Beyond made its announcement, Brooks Brothers filed for Chapter 11 bankruptcy.

Bed Bath & Beyond was one of the many retailers that recently began to resume paying rent as stores reopened. In May, the retailer paid no rent in any of its locations. In June, it paid in almost 39 percent of them, according to the latest Datex Property Solutions report on national retail chains.

However, the trends may not be cause for celebration quite yet as some states have once again initiated shutdowns, further clouding the future for retailers. [CNBC] — Sasha Jones


Related Articles

arrow_forward_ios
In the pandemic-stricken residential market, real estate agents are working with influencers to help expand their audiences (iStock; Instagram/huntervought; Instagram/homesteadbrooklyn)

Real estate agents turn to influencers to help sell a lifestyle — and apartments

Real estate agents turn to influencers to help sell a lifestyle — and apartments
Extended Stay America CEO Bruce Haase (Extended Stay, HomeWell Francising)

Extended Stay America weathering pandemic better than rivals

Extended Stay America weathering pandemic better than rivals
Gov. Andrew Cuomo (Getty, iStock)

Cuomo to ease requirements for rent relief

Cuomo to ease requirements for rent relief
Authentic Brands CEO Jamie Salter with 611 Fifth Avenue (Getty; Google Maps)

Barneys to make a comeback

Barneys to make a comeback
A federal judge has rejected a lawsuit from a group of New York landlords that sought to challenge pandemic protections for tenants. (iStock)

Landlords lose challenge against pandemic renter protections

Landlords lose challenge against pandemic renter protections
Foot traffic in Union Square, the Flatiron District and Chelsea is down by 50% from February. (Getty)

Foot traffic remains low in prime Manhattan neighborhoods

Foot traffic remains low in prime Manhattan neighborhoods
About 25 percent of employees had returned to work as of Nov. 18 (Getty; iStock)

Offices remain empty, and big cities are feeling the crunch

Offices remain empty, and big cities are feeling the crunch
1529 3rd Avenue and Banana Republic CEO Mark Breitbard (Google Maps; Getty)

Banana Republic to close Upper East Side store

Banana Republic to close Upper East Side store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...