Bed Bath & Beyond will close 40 stores



The executives said this week that the company 's sales were still down and that it had lost money in the last quarter. The company plans to close more than 40 stores if the company can not negotiate better lease terms at certain locations – but it also plans to open 15 new sites. The company has 1,024 stores in the United States, Puerto Rico, Canada and Mexico.

President and CEO Steven Temares told investors, at a conference call earlier this week, that Bed Bath & Beyond had begun experimenting with 21 "next-generation laboratory stores" around the clock. last, and that they came out better than the other sites.

The lab stores put "more emphasis on interior design, food and beverages, as well as on health and beauty care," said Temares, as well as on various provisions aimed at offering customers a better view of the goods.

Activist investors want to clean up Bed Bath and Beyond
Experimental store sales were 2.2% higher than comparable sales Bath & Beyond Bed (BBBY) stores in the last four weeks, said Temares Wednesday. Customers spent more and the company generated higher margins.

He plans to bring what he has learned in these stores across the country.

The housing chain has struggled to compete with traditional retailers such as Walmart (WMT) and Target (TGT), as well as online retailers Amazon (AMZN) ad discounters like TJ Maxx and his HomeGoods arm.

Last month, three activist funds reported having built about 5% stake in Bed Bath & Beyond. They said that they would try to remake the management team of the company.

Bed Bath & Beyond announced Wednesday the appointment of a new senior director to its board of directors and redesigned its corporate governance structure. It plans to announce further changes to the board in the future.

The group wants Bed Bath & Beyond to refine its product selection and strengthen its in-store experience to bring traffic back to its stores. They are also pressuring the company to improve margins by selling more of its own products.


Source link