Bed Bath and Beyond to close 40 stores

Bed Bath & Beyond closing 40 stores

Bed Bath & Beyond closing 40 stores

"This will be offset by a minimum of approximately 40 stores we expect to close", Robyn D'Elia, CFO and treasurer said on the call.

The chief financial officer for Bed Bath & Beyond says 40 of the business' stores will close this year, but 15 new ones will open. "This number will grow unless we are able to negotiate more favorable lease terms with our landlords".

The home goods chain has struggled to compete with traditional retailers such as Walmart and Target, as well as online retailers Amazon ad discounters like TJ Maxx and its HomeGoods arm.

Executives said this week that the company's sales are still declining and it lost money last quarter.

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The highlight of the complex is a 40-metre indoor waterfall cascading through a steel and glass dome. Surrounding it are the manicured grounds of the Shiseido Forest Valley.

As part of the earnings call, Bed Bath & Beyond referred to new efforts it is making with its "next generation lab stores". Customers spent more, and the company earned higher margins. During the fourth quarter, Bed Bath & Beyond closed 21 stores and opened 3 stores, according to D'Elia.

However, during the call, several shareholders suggested that management's moves to align the company's offerings with the needs of today's shopper's aren't cutting it.

While most of the store closings will affect the Bed Bath & Beyond brand, the company also operates Buy Buy Baby, Harmon Face Values, World Market, and Christmas Tree Shops locations. It plans to announce additional changes to the board in the future.

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