Bed Bath & Beyond to Close 200 Stores
Another retailer with Hudson Valley locations will be closing stores across the country.
CNBC reports that Bed Bath & Beyond is the next major retailer that will be closing stores across the U.S. Bed Bath & Beyond also owns the chains Buybuy Baby, Christmas Tree Shops, and Hamon ace Values. While no closures have been announced for those other brands, Bed Bath & Beyond is set to close 200 stores over the next two years.
According to CNBC, Bed Bath & Beyond operated 955 stores. Bed Bath & Beyond has net loss narrowed to over $300 million and sales fell 49% during the COVID-19 pandemic. Despite instore sales drastically decreasing, online sales were up 82%. During April and May at the height of the COVID-19 pandemic in the U.S., online sales were up over 100%.
Right now, it is unclear what locations will be closed. CNBC reports the company will be looking at its finances and will begin closures this year. Bed Bath & Beyond has multiple Hudson Valley locations including Poughkeepsie, Newburgh, Kingston, and Middletown.
Last month, Starbucks announced they would be closing 400 locations. It was announced that Over 200 Kay Jewelers, Zales, and Jared locations would be closing. In May 2020, L Brands, the parent company of Victoria's Secret and Bath and Body Works, announced store closures.250 Victoria's Secret locations will permanently close and 50 Bath and Body Works locations will close. It was also announced that Pier 1 Imports will be permanently closing all locations. This came after the company had already filed for bankruptcy and planned to close some locations. The COVID-19 shutdown forced the company to close all locations.