Bed Bath & Beyond begins store closures
Bed Bath & Beyond is starting to close stores, in an effort to rescue itself, and has disclosed dozens of the 150 stores it plans to close.
Last month, the struggling retailer said that it will lay off approximately 20 percent of corporate employees, close around 150 stores and eliminate several of its in-house brands. The move is part of a major restructuring plan, which will instead put the focus on national brands and pushing its new customer loyalty program.
Bed Bath & Beyond posted 56 of the 150 stores it said it will commence closing, as part of its business update. Store closures will affect both mall locations and standalone stores, and are spread across the country including in Arizona, California, Connecticut, Florida, Georgia, Illinois, Iowa, New York, North Carolina, and more.
Just days after the struggling retailer announced it was closing stores and laying off workers, its chief financial officer, Gustavo Arnal, 52, fell to his death.
The company has since appointed Laura Crossen as interim CFO. The retailer also replaced its CEO in June following the reporting of disappointing sales.
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