Bed Bath & Beyond to close 37 US store locations this year

US-based domestic omnichannel retailer Bed Bath & Beyond has announced plans to close 37 locations in 19 US states this year.

The closings affect seven stores in New York, five in California, four in Washington and two each in Georgia, Arizona, Minnesota, Pennsylvania and Texas.

Bed Bath & Beyond will also close stores in Virginia, West Virginia, Wisconsin, New Jersey, Mississippi, Missouri, Michigan, Idaho, Florida and Alabama.

The company has begun liquidation sales at these locations, with the closure expected to occur by the end of next month.

In 2020, Bed Bath & Beyond announced plans to close 200 stores over the next two years to adjust its property portfolio.

As part of the ongoing restructuring program, the company has so far closed around 170 branches.

As of November 27th last year, Bed Bath & Beyond operated a network of 995 stores, 809 of which were own brands.

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The announcement came after the company posted net sales of $ 1.88 billion for the third quarter of fiscal 2021 (FY21).

For the three months ended November 27, the retailer’s comparable sales decreased 7% year over year and 4% year over year.

Mark Tritton, President and CEO of Bed Bath & Beyond, said, “Having just completed the third quarter of our multi-year plan, we will continue our strategic transformation by diagnosing and reforming our legacy businesses to meet our goals.

“As we prepare for 2022, we look forward to working in a normalized environment with a business base on which to grow.”

Bed Bath & Beyond expects full year net sales of approximately $ 7.9 billion and high single-digit growth on a like-for-like basis.

The company also expects adjusted earnings before interest, taxes, depreciation and amortization to be between $ 290 million and $ 310 million and adjusted earnings per share between $ 0.00 and $ 0.15.

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