During the pandemic, Americans nested their way through lockdowns, spending their time at home investing in projects. Both Home Depot and Lowe's have seen sales soar with Statista reporting a 79 percent growth in home furnishing retail sales from April to May of 2020, and another 37 percent from May to June. But not all home good stores are so lucky. Bed Bath&Beyond had previously shared its plans for widespread closures in July and launched its downsizing efforts by eliminating 63 stores in September. But just this week, as USA Today reports, Bed Bath&Beyond leadership lined up the next 43 stores that are closing, as part of the company's plan to liquidate 200 brick and mortar locations by 2022. Read on to find out if your Bed Bath&Beyond is on the chopping block next, and for another store that's closing, check out This Beloved Chain Is Closing All of Its Stores.
The Bed Bath&Beyond closures come as part of a broader plan to trim an expansive and expensive real estate portfolio, and invest more heavily in digital sales. According to CNBC, the company's executives believe that downsizing will "generate annual cost savings of between $250 million and $350 million, excluding related one-time expenses." The 200 stores slated to close reportedly brought in roughly $1 billion in annual net sales in the 2019 fiscal year, meaning the company will need to reroute a portion of those dollars to online sales or remaining stores, which may come as a challenge.
While Bed Bath&Beyond's digital sales rose 77 percent during the pandemic, the company has also more recently taken a hit in trading. On Thursday, Jan. 7, reports swirled about the company's falling stocks, which were down more than 13 percent in premarket trading. This came after leadership announced a five percent decline in sales for their third quarter, due largely to planned store closures and the sale of other assets like Cost Plus World Market. Representatives also acknowledged that "fourth-quarter sales are expected to be lower than a year earlier by a double-digit percentage," according to CNBC.
The Bed Bath&Beyond branches that are closing next—by Feb. 2021, to be exact—are located in 19 states and Puerto Rico. Read on to see if your store is shutting down, and for another chain that's shrinking, check out This Legendary Chain Is Closing Over 1,000 Stores by March.
Read the original article on Best Life.
Conway: 1272 South Amity Road
Peoria: 24760 N. Lake Pleasant Parkway
El Cerrito: 6000 El Cerrito Plaza
Gilroy: 6725 Camino Arroyo
Mountain View: 2470 Charleston Road
Northridge: 8959 Tampa Ave.
Riverside: Canyon Springs Marketplace, 2660 Canyon Springs Parkway
San Mateo: 2280 Bridgepoint Parkway
Simi Valley: 2631 Tapo Canyon Road
Turlock: 2851 Countryside Drive
Yuba City: Yuba City Marketplace, 1060 Harter Road
And for a couple of bigger chains that are suffering, check out These 2 Beloved Department Stores Are "Slowly, Quietly Dying."
Boulder: 1741 28th St.
Colorado Springs: 5944 Barnes Road
Lone Tree: Meadows Marketplace, 8467 South Yosemite
East Fort Myers: 3248 Forum Blvd.
Estero: Coconut Point Shopping Center, 8020 Mediterranean Drive
Miami: 12010 N Kendall Drive
Port Richey: Embassy Crossings, 9642 U.S Highway 19N
And for another closure that marks the end of an era, check out This Beloved Brand Is Closing All But 2 of Its U.S. Stores.
Fayetteville: 123 Pavilion Parkway
Kokomo: 1411 S. Reed Road
Slidell: 127 Northshore Blvd.
Baltimore: 5210 Campbell Blvd.
Holyoke: The Holyoke Crossing, 39 Holyoke St.
Saugus: 367 Broadway
Wyoming: 4830 Wilson Avenue SW
Coon Rapids: 12773 Riverdale Blvd.
Lawrenceville: 101-B Mercer Mall, 3371 US Highway 1
New York City: 410 East 61st St.
Manhasset: 2103 Northern Blvd.
Greece: 112 Greece Ridge Center Drive
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Cincinnati: 650-F Eastgate South Drive
Medina: 4949 Grande Shops Ave.
Stow: 4290 Kent Road
Warrensville Heights: 4031 Richmond Road
Pittsburgh: Waterworks Shopping Center, 980 Freeport Road
Swarthmore: 857 Baltimore Pike
And for more big name closures, check out This Iconic Clothing Chain Is Closing Its Biggest Stores.
Canovanillas, Carolina: Los Colobos II Shopping Center, State Road #3 Km 14.1
Cleveland: 4540 Frontage Road NW
American Fork: 773 W. Grassland Drive
Fairfax: 9666 Main St.
Glen Allen: 9900 Brook Road
Virginia Beach: 3312 Princess Anne Road
Waynesboro: 821-D Town Center Drive