Bed Bath & Beyond to close 200 stores over next 2 years


A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
Bed Bath & Beyond announced on Wednesday it will permanently shutter 200 stores over the next two years, after sales fell almost 50 percent in its last quarter.
There are 955 Bed Bath & Beyond stores, and the closures will begin later this year. By shutting down 200 locations, the company should save between $250 million and $350 million, CNBC reports.
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. The chain's brick-and-mortar stores suffered when they had to close because of the coronavirus pandemic, but online sales increased by more than 100 percent in April and May.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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."
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
6 vibrant homes with art studios
Feature Featuring a six-bedroom home in Vermont and a rustic-modern house in California
By The Week Staff Published
-
Experts are worried about tuberculosis again
Speed Read The deadly disease regained its crown as the world's biggest infectious killer in October 2022
By Devika Rao Published
-
The daily gossip: Beyoncé is bringing the 'Renaissance' tour to movie theaters, Taylor Swift attends another Chiefs game with famous pals, and more
Feature The daily gossip: October 2, 2023
By Brendan Morrow Published
-
Elon Musk used Starlink, which saved Ukraine, to thwart a Ukrainian attack on Russia's Crimea fleet
Speed Read
By Peter Weber Published
-
Fitch downgrades US credit rating, citing 'repeated debt-limit political standoffs'
Speed Read
By Peter Weber Published
-
Bed Bath & Beyond relaunches online following bankruptcy
Speed Read
By Justin Klawans Published
-
San Francisco's iconic Anchor Brewing is closing after 127 years
Speed Read
By Peter Weber Published
-
Lawmakers say tax prep companies illegally shared taxpayer data with Meta and Google
Speed Read
By Theara Coleman Published
-
Microsoft wins FTC battle to acquire Activision Blizzard
Speed Read
By Theara Coleman Published
-
Tesla reports record quarter for sales
Speed Read
By Catherine Garcia Published
-
48 states sue telecom company over billions of robocalls
Speed Read
By Theara Coleman Published