Bed Bath & Beyond to close 200 stores over the next two years – WTAE Pittsburgh


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Home goods chain Bed Bath & Beyond plans to close 200 stores over the next two years due to dwindling sales, the company said in a news release Wednesday.
The company said it lost 49% of net sales during March, April and May of this year compared to the same quarter last year, right when the COVID-19 pandemic was beginning to ramp up in the United States.
During that time, net sales from digital channels grew by 82% and in-store sales decreased by 77% due to temporary store closures, according to the company.
Digital sales represented two-thirds of all sales during the first fiscal quarter.
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“From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” Mark Tritton, Bed Bath & Beyond’s president and CEO, said in a statement. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
It was not yet announced which store locations would be closing.
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