Bed Bath & Beyond May Close Capital Region Stores
As stores continue to slowly open, some giant retailers just can't come back from the coronavirus pandemic. Bed Bath & Beyond announced that they will be closing hundreds of stores across the country. We may lose stores here in the Capital Region. According to thestreet.com, Bed Bath & Beyond has plans to close two hundred stores over a two year period. The company claims that in the first quarter, because of the coronavirus pandemic, sales plummeted almost fifty percent.
Last October, Bed Bath & Beyond announced that they would be closing forty stores across the country. They wound up closing twenty-one stores including three in New York but our Capital Region stores were spared.
Now that the company announced that two hundred stores will close for good, we may not be so lucky this time around. Bed Bath & Beyond CEO Mark Triton said in a statement.
"The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital."
There are nine hundred fifty-five Bed Bath & Beyond stores across the country and the plan is to close two hundred of those over the next two years. The company believes they can not come back from the financial downfall due to the pandemic.