Bed Bath & Beyond Closing 200 Stores
According to Bloomberg News, Bed Bath & Beyond are going to be closing close to 200 stores over 24 months, hoping to cut costs and keep going during the pandemic. A few of that two hundred will be other stores owned by the same brand.
In 2019, BBB was in big trouble...
Bon-Ton, the company that owns Herberger's and Younkers, filed for bankruptcy in February and is now going out of business.The company is closing all of their stores after failing to find a bidder during a bankruptcy auction earlier this week. Bed Bath & Beyond is in serious trouble too.
Anthony Chukumba, managing director and senior research analyst at Loop Capital Markets, told CNBC: "The company could may be headed for a quicker-than-expected demise if the company doesn't shake things up. If they remain on their current trajectory, this could be Sears, just 5 to 10 years earlier." (Source)
But the Rochester store survived.
Then in January of this year, 41 Bed Bath & Beyond stores closed, but again, Rochester's store stayed open. During the pandemic, the Rochester BBB has been offering curbside pickup. The pandemic, along with years of financial trouble, has really hit the company hard.
Will they be one of the stores closing this time?
Let's hope not. No word on how many employees will lose their jobs when the latest round of closings finish. If everything goes according to plan, the store closings will save the company up to $350 million.