Bed Bath & Beyond Is Closing 200 Locations
The chain expects to close about 200 locations over the next two years, management revealed on Wednesday, as the biggest part of a restructuring move aimed at reducing annual costs by between $250 million and $350 million. The retailer is hoping a more digital focus will allow it to continue serving strong demand for home furnishings and appliances without the burden of a massive store network to maintain and staff. CEO Mark Tritton expressed optimism that the lower cost burden will help the company return to steady sales growth and stable earnings -- in part by capturing digital sales growth.