US-based omnichannel domestic retailer Bed Bath & Beyond has revealed plans to close 37 locations across 19 US states this year.
The closures will affect seven stores in New York, five in California, four in Washington and two each in Georgia, Arizona, Minnesota, Pennsylvania and Texas.
Go deeper with GlobalData
Bed Bath & Beyond will also close one store each in Virginia, West Virginia, Wisconsin, New Jersey, Mississippi, Missouri, Michigan, Idaho, Florida and Alabama.
The company has begun liquidation sales at these locations, with closures expected to take place by the end of next month.
In 2020, Bed Bath & Beyond announced plans to close 200 stores over the following two years as part of its plan to right-size its real estate portfolio.
See Also:
The company has so far closed around 170 stores under the ongoing restructuring programme.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAs of 27 November last year, Bed Bath & Beyond operated a network of 995 stores, 809 of which were own-brand.
The announcement comes after the company reported that it registered $1.88bn in net sales in the third quarter of the fiscal year 2021 (FY21).
For the three months to 27 November, the retailer’s comparable sales decreased by 7% compared with the prior-year period and 4% against two years prior.
Bed Bath & Beyond president and CEO Mark Tritton said: “Having concluded just the third quarter of our multi-year plan, we will continue to execute our strategic transformation by diagnosing and reforming our legacy business to achieve our goals.
“As we prepare for 2022, we look forward to operating in a normalised environment with a base of business upon which to grow.”
Bed Bath & Beyond said it expects full-year net sales of around $7.9bn and high single-digit growth on a comparable sales basis.
The company also expects its adjusted earnings before interest, taxes, depreciation and amortisation to be between $290m and $310m and its adjusted earnings per share to be between $0.00 and $0.15.
