Bed Bath and Beyond to close 40 stores

Marco Green
April 14, 2019

The CFO also warned that even more stores could close, saying, "This number will grow unless we are able to negotiate more favorable lease terms with our landlords".

Bed Bath and Beyond is planning to close at least 40 stores to help stem losses after it lost $253.8 million in the fourth quarter a year ago.

"We expect to open approximately 15 new stores in fiscal 2019".

The closures are a result of the company's mixed fourth quarter results, which it announced in a call to analysts late Wednesday. The New Jersey-based company opened three stores in the fourth quarter of past year and closed 21. Customers spent more, and the company earned higher margins.

Bed Bath and Beyond now operates 1,500 stores.

CEO Steven Temares told investors during an earning call earlier this week that Bed Bath & Beyond started experimenting with 21 "next-generation lab stores" previous year, and they've fared better than other locations.

The investors said "management's unsupported claims of progress serves as a stark reminder to us of how far removed from reality Mr. Temares and the Board have become". It plans to announce additional changes to the board in the future.

While most of the store closings will affect the Bed Bath & Beyond brand, the company also operates Buy Buy Baby, Harmon Face Values, World Market, and Christmas Tree Shops locations.

Other reports by Click Lancashire

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