Bed Bath & Beyond is closing about 150 of its ‘lower-producing’ stores throughout the US in an effort to save expenses in the face of declining sales.
The US retailer is struggling as a result of a shrinking turnaround strategy that left it with excess inventory, declining revenues and an evaporating cash reserve.
The retailer plans to reduce corporate and supply-chain staff by about 20 per cent.
The business claimed it will save costs by US $ 250 million in 2022 by layoffs and liquidating the outlets. According to Bed Bath & Beyond’s preliminary earnings report, sales decreased by about 26 per cent in the second quarter compared to the same period in 2021.
The struggling retailer reveals an initial list of 56 stores that would be closing ranging from Arizona to Washington, with locations spread across 21 states and Puerto Rico. Six are in Illinois, while eight are in California. Some are standalone stores, while others are located in malls.
