Bed Bath & Beyond plans to close at least 40 stores

Bed Bath & Beyond plans to close at least 40 stores and open 15 new stores in 2019, writes USA Today.

Фото: Depositphotos

The company operates such brands Buy Buy Baby, Harmon Face Values ​​and World Market. Recently, the retailer announced the fourth quarter financial results.

“We plan to open around 15 new stores in the 2019 fiscal year. This will be offset by closing at least 40 stores. This number will increase if we are unable to negotiate better rental terms with our landlords, ”said Robin D'Elia, the company's CFO.

Most of the closures will affect Bed Bath & Beyond stores, he said.

In the fourth quarter, the company opened 3 store and closed 21. The company owns more than 1500 stores of various brands, including Christmas tree stores.

Bed Bath & Beyond executives also noted that they are working on "next generation" store formats. According to the CFO, the company “has initiated 21 next-generation stores that are testing new assortments and visual merchandising and reimagining the in-store experience.”

In stores of new format, a higher level of sales is observed, the company notes.

2019 year started not very good for retail players. According to Coresight Research, retailers plan to close more than 6500 stores during the year. In turn, analysts at UBS Securities note that the economic downturn will continue. By 2026, retailers will have to close 75 thousands more stores if the level of e-commerce "will increase from 16% at present to 25%".

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