This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
(WIAT) — The economic downturn caused by the coronavirus pandemic is forcing Bed Bath & Beyond to permanently close 200 stores.
The closings will take place over the next two years and amount to about 20% of its namesake stores.
Wall Street analysts had warned that Bed Bath and Beyond was in trouble before the COVID-19 pandemic hit the U.S.
In a quarterly statement released Wednesday, the company said the closings would save between $250 million and $350 million a year.
Bed Bath & Beyond CEO Mark Tritton said the retailer will emerge from this crisis even stronger, given the strength of the brand. The New Jersey-based retailer has not identified which of its stores would be closing yet.
LATEST POSTS
- Girl Scouts helping to provide computers to Southern Illinois residents
- WHO team leaves quarantine to start COVID origins study in China
- Florida fire captain accused of using paramedic to steal COVID-19 vaccines
- Florida special ed teacher accused of having sex with student in classroom closet
- You may not have to pay back your stimulus checks but there are more tax changes coming
