Bed, Bath & Beyond to Close Seven New York Locations by End of February
Among the 37 Bed Bath
& Beyond stores that are permanently closing nationwide by the end of
February due to plummeting sales, are seven of the popular home and bath goods
retailer’s locations in New York.
In addition to the
location at 14B Spring Valley Marketplace, Bed, Bath & Beyond stores also
will be closing up shop in Auburn, Canandaigua, Glenmont, Niagara Falls,
Plainview, and Port Chester.
When sales fell 50% and
the company lost billions during the height of the pandemic, Mark Tritton, Bed,
Bath & Beyond’s CEO, said he want to cut his losses by closing 200 of its
largest stores by the end of 2022.
The stores closures will
save the company annually between $250 million and $350 million, excluding
related one-time costs, explained Tritton, who added the company would also
launch efforts, such as remodeling, de-cluttering, adding new brands, and
installing brighter signage, to revitalize the stores that are remaining open.
Interestingly, while
business continues to slow at Bed, Bath, & Beyond, the company saw growth
in another business it owns: Bye Bye Baby, which sells clothing, strollers, and
other necessities for parents of infants and young children.
In 2007, Bed, Bath &
Beyond bought seven Bye Bye Baby stores, some of which are in the Bed Bath
locations, and which now number 135 stores.
Because Bye Bye Baby,
which was founded by brothers Richard and Jeffrey Feinstein in 1996, is owned
by Bed, Bath & Beyond, the home good store’s famous coupons can be used in
both stores.
“We are executing a full-scale transformation and simultaneously running a business in a highly unpredictable environment,” said Tritton during an earnings conference call.