Bed Bath & Beyond says it will close 200 stores in the next two years after sales fell 49% amid the coronavirus pandemic.
The closings are slated to start later in 2020 and will span over two years, according to CNBC. The company has 1,478 stores with 955 Bed Bath & Beyond shops.
Bed Bath & Beyond to close 200 stores over 2 years as sales fall almost 50% during pandemic https://t.co/70kw3zIrsA
— CNBC (@CNBC) July 8, 2020
The chain also operates Buybuy Baby, Christmas Tree Shops and Harmon Face Values but will be mainly closing Bed Bath & Beyond stores, according to CNN.
The announcement followed Wednesday’s news that the company reported a loss of $302.3 million in its fiscal first quarter and shares have decreased 40% since the beginning of the year.
The company has not announced which stores are closing.
The Associated Press contributed to this story.
Cox Media Group
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