Bed, Bath & Beyond to close 200 stores over the next 2 years
As with most other non-essential retailers during COVID-19, BBB is expected to close 20% of stores in the next 2 years to save on operating costs
The company expects to save upwards of $350 million from these store closures while they focus on expanding curbside and BOPIS capabilities as well as digital strategies
Prior to announcing store closures, the company was also working on selling off some of their non-core assets such as One Kings Lane and PersonalizationMall.com, with pressures from investors to sell off more
Now that stores are able to open back up, there has been an uptick in brick-and-mortar sales, but not enough to compete with pre-pandemic levels
"With improving operating performance, inventory reduction opportunities remaining, potential asset sales outstanding ... as well as what we estimate to be ~$200m in additional real-estate, we remain comfortable with BBBY's liquidity position,"