Bed Bath & Beyond has announced which stores it will close in a cost-cutting move to try and turn around its beleaguered business.
said it would close about 150 of its namesake stores
and slash its workforce by 20%. It estimated those cuts would save $250 million in the company's current fiscal year. Mired in a prolonged sales slump, the company also announced that it would revert to its original strategy of focusing on national brands, instead of pushing its own store labels. That reverses a strategy embraced by its former CEO Mark Tritton, who was ousted in June after less than three years at the helm. It said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or so.
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000 employees.Thursday, the company released a list of 55 stores it plans to close. They span across the U.S., from Washington to Arizona to Florida and up to Massachusetts.
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