Bed Bath & Beyond will permanently close 200 stores within the next two years, the company announced on Wednesday.
The retailer released its plans to shut down 21 percent of its stores beginning later in 2020. Bed Bath & Beyond, which runs Buybuy Baby, Harmon Face Values, Christmas Tree Shops, and World Market, said the closures will “mostly” apply to Bed Bath & Beyond stores.
The closures are expected to help the company save between $250 and $350 million annually after one-time expenses.
The announcement comes as Bed Bath & Beyond reported a 49 percent loss in sales during its first quarter this year, during “the most critical months to date of the COVID-19 pandemic,” according to the release.
During the same period, net online sales jumped 82 percent and accounted for two-thirds of the company’s first quarter net sales.
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Bed Bath & Beyond to permanently close 200 stores https://t.co/n5nrYs7L6P pic.twitter.com/Hq4bpZpVHV
— The Hill (@thehill) July 10, 2020
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