Bed Bath & Beyond will close at least 40 stores

Bed Bath and Beyond plans to close at least 40 stores to help stem losses after losing $ 253.8 million in the fourth quarter of last year.

The home-based retailer, founded in 1971 and based in Union Township, NJ, expects dismal profits for the first quarter, halving its shares on Friday, February 12 as the company struggles to compete. online retailers such as Amazon.

The 40 stores scheduled to close have not been announced.

The company, which has 1,550 sites and more than 60,000 employees, has also announced plans to open about 15 new sites, but other stores may close if it fails to negotiate more favorable lease terms with customers. current owners.

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