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.
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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."
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