Top Retailer Announces MASS Shutdowns — Here’s Exactly Where
(LibertySociety.com) – Earlier this month, Bed Bath & Beyond posted a list of 56 stores it plans to close across the United States. The locations are peppered throughout the nation: several in California and New York, multiple in Ohio and New Jersey, some along the southern states, and others concentrated in the Northeast. The company has reportedly been struggling for years and is now planning to shrink its staff by around 20%.
In the middle of this year, the home goods retailer showed a $358 million loss for the quarter, which it attributes to low consumer demand and inflation. At the time, an analyst called the company a “dumpster fire.” Those running the business hope closing enough stores and reducing the workforce will balance the finances and save the chain.
Bed Bath & Beyond has announced dozens of the roughly 150 stores it plans to close. https://t.co/rbAluK1iZ8
— ⚡BG (@BGisBrandonGray) September 15, 2022
The once successful one-stop shop for interior decorating has not only been struggling in sales but has been met with tragedy and controversy. After the dismal earning report in June, the board of directors fired the retailer’s CEO, Mark Tritton. Then, on September 2, CFO Gustavo Arnal fell to his death from a high-rise building in New York City. That tragedy occurred shortly after he and another executive found themselves on the defendant’s end of a $1.2-billion federal lawsuit claiming insider trading and securities fraud.
On January 27, 2021, the company’s stock peaked at $52.89 but fell over time to its current level on September 16 to a mere $8.02. Between the beginning of 2020 and 2022, the retailer closed 523 shops.
Copyright 2022, LibertySociety.com