Bed Bath & Beyond To Close 200 Stores, Shift To Online Ordering
NORTH TEXAS (CBSNEWS.COM) — Bed Bath & Beyond plans to close 200 stores over the next two years — including locations across Texas — in a move that company officials said will save between $250 million and $350 million and help transition the home goods retailer into a "digital first" operation.
In all, 1 in 5 of Bed Bath & Beyond's nearly 1,000 U.S. retail outlets will be shuttered.
The company already had plans to push customers toward online ordering and curbside pick-up, but slumping sales caused by the coronavirus pandemic accelerated that shift, CEO Mark Tritton said during an earnings call Wednesday.
The company reported $1.3 billion in sales for the company's first quarter ended May 31, a nearly 50% plunge from the same period last year. Online and mobile app sales grew 82% in the quarter.
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