Bed, Bath & Beyond to Close Seven New York Locations by End of February
By Yehudit Garmaise
Among the 37 Bed Bath & Beyond stores that are permanently closing nationwide by the end of February due to plummeting sales, are seven of the popular home and bath goods retailer’s locations in New York.
In addition to the location at 14B Spring Valley Marketplace, Bed, Bath & Beyond stores also will be closing up shops in Auburn, Canandaigua, Glenmont, Niagara Falls, Plainview, and Port Chester.
When sales fell 50% and the company lost billions during the height of the pandemic, Mark Tritton, Bed, Bath & Beyond’s CEO, said he want to cut his losses by closing 200 of its largest stores by the end of 2022.
The stores closures will save the company annually between $250 million and $350 million, excluding related one-time costs, explained Tritton, who added the company would also launch efforts, such as remodeling, de-cluttering, adding new brands, and installing brighter signage, to revitalize the stores that are remaining open.
Interestingly, while business continues to slow at Bed, Bath, & Beyond, the company saw growth in another business it owns: Bye Bye Baby, which sells clothing, strollers, and other necessities for parents of infants and young children.
In 2007, Bed, Bath & Beyond bought seven Bye Bye Baby stores, some of which are in the Bed Bath locations, and which now number 135 stores.
Because Bye Bye Baby, which was founded by brothers Richard and Jeffrey Feinstein in 1996, is owned by Bed, Bath & Beyond, the home good store’s famous coupons can be used in both stores.
“We are executing a full-scale transformation and simultaneously running a business in a highly unpredictable environment,” said Tritton during an earnings conference call.
Photo by: Flickr