Bed Bath & Beyond will close 40 stores this year – CBS Boston

(Local KDKA / CBS) – Bed Bath & Beyond has announced the closure of 40 stores this year, a figure that could increase. At the same time, the retailer announces the opening of 15 new stores.

The New Jersey-based homewares retailer announced the new Wednesday at the call of its fourth quarter results.

"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores that we plan to close," said Robyn D'Elia, Financial Director and Treasurer of Bed Bath. & Beyond, Wednesday.

The CFO also warned that more stores could close, saying "this number will increase unless we can negotiate more favorable lease terms with our owners."

D'Elia said most closures would affect Bed Bath & Beyond, although the company has 1,500 stores covering all the brands it operates, including The Christmas Tree Shops and World Market.

This is not the first time the retailer has closed stores. In the fourth quarter, Bed Bath & Beyond closed 21 stores and opened 3 stores, according to D'Elia.