Bed Bath & Beyond to shut 43 stores by end of February

7 January 2021 (Last Updated January 7th, 2021 14:15)

Omni-channel retailer Bed Bath & Beyond has revealed plans to shut 43 more physical stores by the end of February.

Omni-channel retailer Bed Bath & Beyond has revealed plans to shut 43 more physical stores by the end of February.

The move is part of the retailer’s plan announced in July to right-size its real estate portfolio under the on-going restructuring programme that aims to reduce the cost of goods and drive supply chain transformation.

In line with this move, Bed Bath & Beyond will close 200 stores over the next two years.

In September, the retailer released the list of its first 63 stores set to close by the end of 2020 as part of a restructuring, USA Today reported.

The scheduled closures should take place in Puerto Rico and in 19 US states including California, Florida, Ohio, and Virginia.

Through the closure of 200 stores, Bed Bath & Beyond expects to generate future annualised savings of between $250 and $350m.

The retailer is planning to invest in omni-always digital and in-store shopping experience building on the recent launch of Buy-Online-Pickup In-Store (BOPIS), Curbside Pickup and Same Day Delivery services.

Until the end of August, Bed Bath & Beyond had 1,476 establishments, including Buybuy Baby.

The company reduced its workforce by approximately 2,800 as part of a major organisational structure realignment in August.

Recently, US Department store chain Macy’s reportedly revealed plans to close approximately 45 stores by the middle of this year as part of its three-year plan to reduce non-profitable stores and focus on its more productive outlets.