BREAKING: Bed Bath & Beyond sales sink, will close 150 stores
and has also initiated incremental cost reductions of approximately $80 million to $100 million, including overhead expense and headcount. The company is now on track to deliver roughly $500 million in yearly savings. The stock has lost 90% of its value over the past 12 months and is trading in the $1 range.
Amid plummeting sales and decreased customer traffic, Bed Bath and Beyond will close 150 stores by the end of fiscal 2022. Sue Gove, president and CEO of Bed Bath & Beyond, said in the release the retailer implemented a turnaround plan at the beginning of the third quarter, "following a period when our merchandise and strategy had veered away.""Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals," she continued.
"We are implementing our plan expeditiously while managing our financial position in a changing landscape," she added.
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