Bed Bath & Beyond to close 200 stores over 2 years as sales fall almost 50% during pandemic

[Yo_Mama_Been_Loggin]

Bed Bath & Beyond said Wednesday its sales tumbled nearly 50% during its latest quarter, even as online sales surged more than 100% during April and May with consumers stocking up on cleaning supplies and home decor.

The company said it plans to permanently close roughly 200 of its namesake stores over the next two years, starting later in 2020, as it works toward getting back to profitability against the backdrop of the coronavirus pandemic. As of May 30, it operated a total of 1,478 stores, including 955 Bed Bath & Beyond shops.

Its shares fell nearly 5% in afterhours trading.

Bed Bath — which also owns the chains buybuy Baby, Christmas Tree Shops and Harmon Face Values — said these actions should generate annual cost savings of between $250 million and $350 million, excluding related one-time costs.

https://www.msn.com/en-us/money/companies/bed-bath-and-beyond-to-close-200-stores-over-2-years-as-sales-fall-almost-50percent-during-pandemic/ar-BB16uPE4?li=BBnb7Kz

[Nevilledog]

1. People are still taking showers during quarantine?

Nobody told me that.

[dhill926]

2. once a week whether I need it or not...

[mucifer]

3. I feel bad for the employees. But, this company donates big money to the GOP