Retailer Bed Bath & Beyond will be closing 150 more stores, bringing the total number of stores it has closed in the past year to over 400, the company indicated in a regulatory filing to the Securities and Exchange Commission Monday.
The most recent slate of closures prior to Monday in late January saw 87 of the company’s locations, along with all 50 Harmon beauty outlets and five buybuy BABY stores, shuttered in order to generate capital. Prior to that, 150 Bed Bath & Beyond stores were closed in August.
Altogether, the home goods retailer will have closed more than 400 stores, helping produce a projected $1 billion drop in costs for the company in fiscal 2023.
The company projects a short-term negative impact on sales, with a drop of 30% to 40% in the first quarter and improvement after that. The company’s plans for achieving a sales turnaround include getting inventory ready for the 2023 return to college season.
In terms of its projected store footprint, the company has a goal of operating around 360 Bed Bath & Beyond stores, along with roughly 120 buybuy BABY stores.
“We are optimizing our store fleet and supply chain. … We are also prioritizing availability of leading national and emerging direct-to-consumer brands our customers know and love. … We are grateful to our thousands of associates and many partners for their dedication to our beloved brands, Bed Bath & Beyond and buybuy BABY,” Bed Bath & Beyond CEO Sue Gove said in a company announcement Tuesday.
• Brad Matthews can be reached at bmatthews@washingtontimes.com.
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