FRAMINGHAM – New Jersey-based home goods retailer Bed Bath & Beyond plans to close 200 stores
The company’s Board of Directors approved the planned two close about 200 locations over the next two years. The company also operated World Market and the Christmas Tree Shops. As of the end of May, Bed Bath & Beyond had 1,478 stores operating.
The closures could save the retailer between $250 and $350 million.
There is a Bed Bath & Beyond on Route 9 in Framingham. It is unknown at this time if this location will be among the 200.
In January, the company announced the closure of 40 locations. None of those stores were in Massachusetts.
Bed Bath & Beyond’s President & CEO Mark Tritton said, “The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital. 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. 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.
Bed Bath & Beyond reported a 49 percent loss in sales during its first quarter this year, according to a release.
Net online sales jumped 82 percent and accounted for two-thirds of the company’s first quarter net sales, as many residents were cooking at home as opposed to dining out due to the pandemic.
“With nearly all stores now open, we are delighted to welcome back our customers and drive an enhanced omni-always shopping experience. We are encouraged by early customer response, including continued strong demand, in excess of 80%, across our digital channels during the month of June, bolstered by the expansion of our Buy-Online-Pick-Up-In-Store (BOPIS) and Curbside Pickup services. We believe Bed Bath & Beyond will emerge from this crisis even stronger, given the strength of our brand, our people and our balance sheet,” Tritton said in a statement.