Bed Bath & Beyond Inc.has announced that it will be closing 60-stores by the fiscal end of 2019.
The closings come in the wake of the retail apocalypse that continues to ravage physical stores in favor of online marketplaces. The closures will include 40 Bed Bath & Beyond stores along with 20 ‘concept’ stores.
“With this action, we are increasing the profitability of our remaining portfolio and believe that our remaining fleet will benefit from our renewed focus on driving traffic and operating efficiency,” – Mary Winston, Bed Bath & Beyond interim chief executive.
Bed Bath & Beyond’s previous CEO stepped down in May. Winston says the selection of a new CEO is expected soon.
