Bed Bath & Beyond to Close Over 200 Stores Nationwide
On Wednesday, Bed Bath & Beyond announced it will permanently close 200 stores over the next two years after the coronavirus pandemic caused sales to plummet almost 50 percent in its last quarter.
Company employees said in a statement, from the 955 Bed Bath & Beyond stores, about 200 closures will begin later this year, which should save the company nearly $300 million.
It has not been determined if any of New Jersey's stores will be closed at this time.
According to a report in CNBC during the fiscal first quarter that ended on May 30, Bed Bath & Beyond sales dropped 49 percent to $1.31 billion, from $2.57 billion a year ago.
CNBC said during the coronavirus pandemic, any of the company's stores suffered when they had to close, but online sales increased by more than 100 percent in April and May.
Catherine Garcia, a company spokesperson for Bed Bath and Beyond, released the following statement to CNBC:
"The company said it is in a "strong financial position" to survive the pandemic, and Bed Bath & Beyond CEO Mark Tritton told CNBC that as stores reopen, many are doing better than expected, thanks to customers stocking up on cleaning products and decor. "Home is now everything," he said. "It's the epicenter."