(WIAT) — The economic downturn caused by the coronavirus pandemic is forcing Bed Bath & Beyond to permanently close 200 stores.
The company plans to close 200 stores over the next two years — or 1 in 5 of its nearly 1,000 U.S. retail outlets — in a move that company officials said will save between $250 million and $350 million and help transition the home goods retailer into a “digital first” operation.
The closings will take place over the next two years and amount to about 20% of its namesake stores.
Wall Street analysts had warned that Bed Bath and Beyond was in trouble before the COVID-19 pandemic hit the U.S.
In a quarterly statement released Wednesday, the company said the closings would save between $250 million and $350 million a year.
Bed Bath & Beyond CEO Mark Tritton said the retailer will emerge from this crisis even stronger, given the strength of the brand. The New Jersey-based retailer has not identified which of its stores would be closing yet.
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