From Walmart to Sears to CVS, store closures have hit seemingly every retail chain in the U.S. over the past few years. This mass exodus was largely brought on by the COVID pandemic, which pushed some brick-and-mortar stores to total extinction in 2020. Two years later, progress has been made, with the National Retail Federation (NRF) reporting that U.S. retailers are opening more stores these days. But closures are still coming, and for some major brands, they show no signs of slowing down. Now, one popular retail chain has revealed that it's closing over 50 of its stores across the country within the next few months. Read on to find out which company is shuttering dozens of locations before the end of 2022.
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Several popular retail chains have already closed dozens of stores this year.
Most companies trim locations here and there depending on the market. But this year, there have been a number of major retailers who have closed far more than one or two stores.
Back in March, Amazon revealed that it was turning the lights off at 68 brick-and-mortar stores in both the U.S. and U.K. when it announced that it would be permanently closing all of its physical bookstores, pop-up shops, and "4-star" stores.
CVS has also been closing store after store across the country since April of this year, as part of its plan to shutter 300 stores each year over the next three years.
And those aren't the only big-name companies to have done some major downsizing. In May, it was reported that roughly 100 Sears Hometown stores spread throughout 30 states would be permanently closed within weeks.
Now, another popular retailer is taking an axe to a significant portion of its retail footprint.
Another popular retailer is gearing up to shutter over 50 stores soon.
You might be saying goodbye to your local Bed Bath&Beyond store sometime before the end of the year. On Sept. 15, the popular home goods company released a list of 56 locations it will be closing soon. The closures are spread across the country and affect more than 20 states, including Arizona, Connecticut, Florida, Georgia, and Texas. But two states will bear the brunt of the permanent shutdowns: California is losing eight Bed Bath&Beyond Stores, and Illinois will lose six locations.
According to Bloomberg, these stores are set to be shuttered in the coming weeks. "We will continue to review our portfolio where it makes sense to profitably support our customers and business," company spokeswoman Julie Strider told the news outlet. "Our immediate focus is on supporting our teams, growing the business, making sure our stores, customers and partners are supported and improving returns to shareholders."
This is a third of all the locations Bed Bath&Beyond is planning to close in total.
This is just the first round of closures for this popular retail chain. On Aug. 31, Bed Bath&Beyond announced that it would be closing a total of approximately 150 "lower-producing" stores across the U.S. In that same announcement, the company also said that it would be laying off roughly 20 percent of its workforce.
The 56 Bed Beth&Beyond stores recently identified will start closing soon "and continue over the next few months," the company told CBS MoneyWatch. It didn't disclose when it would announce the exact locations for the remaining roughly 100 stores, but the retailer told CNN that "all currently planned store closings have been announced."
Bed Bath&Beyond Inc. operated a total of 955 stores as of May 2022, according to USA Today. This included 769 Bed Bath&Beyond stores, 135 buybuy Baby stores, and 51 stores under the names Harmon, Harmon Face Values, and Face Values. As of February, it had around 32,000 employees.
The home goods retailer is facing significant financial challenges.
Bed Bath&Beyond's store closures are "part of the struggling retailer's last-ditch effort to stabilize as it struggles in financial turmoil," CNN explained. According to its August earnings report, the company's sales at stores open for at least one year had fallen by a significant 26 percent during its latest quarter. The cuts planned for its retail footprint and workforce will save the company an estimated $250 million for the current fiscal year, according to USA Today.
"There's still an incredible degree of love for Bed Bath&Beyond," Mara Sirhal, the newly named brand president of Bed Bath&Beyond, told industry analysts on Aug. 31. "We must get back to our rightful place as the home-category destination, and our goal is to achieve this by leading with the products and brands our customers want."