Bed Bath & Beyond to close more New Jersey stores
Bed, Bath & Beyond, the troubled retailer, has released a list of 56 of the roughly 150 stores that are slated to close, and three of them are in New Jersey.
The three New Jersey stores to be closed are in Flanders, Manalapan and Paramus.
It’s been a rough couple of months for the New Jersey-based retailer: their CFO committed suicide by jumping off a building in New York earlier this month and their shares price is down about 40% this year.
The company is also going to reduce its corporate workforce by 20%.
Sue Gove, director & interim CEO commented:
"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns. In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers' favorite brands and exciting products. We command a special presence in the Home and Baby markets, and we intend to fulfill our opportunity to be the category retailer of choice."
Sales fell 25% in the first quarter of 2022 and the company reported a net loss of $358 million in the most recent quarter, seven times more than a year ago.
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.
The timetable for closing the stores, including the three in New Jersey, has not been released yet.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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