One of the most popular chain of domestic merchandise retail stores in the United States, Canada and Mexico is closing dozens of stores this year. Company’s stocks tanked more than 80% over the past five years as the retailer struggles to keep pace with the competition amid a major retail shake-up. It’s revenues kept on declining year-on-year and now Bed Bath and Beyond has revealed a $1 billion turnaround plan in which it will spend $600 million on reducing its debt, paying dividends, and buying back shares, plus another $400 million on new store renovations and supply chain upgrades. Company’s investors ousted CEO Steven Temares in 2019 and brought in new board members, and hired Mark Tritton as its new CEO who was a former chief merchandise officer at Target Stores. At least 40 Bed Bath and Beyond stores are closing in 2020.
About Bed Bath and Beyond
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Bed Bath & Beyond has been country’s major home merchandise retailer until 2014 and enjoyed great margins but due to the stiff competition from major retailers such as Walmart, company failed to meet the customer expectations and its shares plunged more than 80%. Former employees said that management was very slow to get on board with revamping its e-commerce operations, and the brand didn’t keep up with other trends, such as smaller stores and new fulfilment strategies.
Bed Bath & Beyond Stores that company has confirmed are closing in 2020
Bed Bath & Beyond is planning to close stores in at least eight states this year in the United States. The company has confirmed closings to local news outlets in Illinois, Florida, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia, and Washington, DC.
The home goods retailer said in January that it planned to close atleast 40 stores in the current financial year, which ends in April, and another 20 stores in fiscal 2020. By January, Bed Bath & Beyond had executed about 16 of those planned closings, according to company filings.
This leaves about 44 planned closures remaining. The company operates stores under several banners including World Market, buybuy BABY, Christmas Tree Shops, and One Kings Lane.
Bed Bath & Beyond Closing Dozens Of Stores
Here’s a list of the 40 Bed Bath and Beyond stores closing in 2020
Bed Bath and Beyond’s spokesperson told TODAY – “the stores located in 19 states and Washington D.C . no longer meets the standards our customers expect from us.”Source: TODAY
Austin: 9600 IH-35 Service Road
Harlingen: 2817 W. Expressway 83 Frontage
Houston: West Oaks Shopping Center, 2306 S Highway 6
Houston: 700 Meyerland Plaza
Houston: 6675 Highway 6 North
Cincinnati: 6068 Glenway Ave.
Grove City: Parkway Centre South, 1747 Stringtown Road
Mayfield Heights: East Gate Shopping Center, 1371 SOM Center Road
North Olmsted: 25975 Great Northern Plaza
Chino Hills: 13021 Peyton Drive
Encino: 17401 Ventura Blvd.
Hemet: 1165 S. Sanderson Ave.
Santa Clarita: 19211 Golden Valley Road
Tracy: 2886 West Grant Line Road
Shelton: 862 Bridgeport Ave.
District of Columbia
Washington D.C.: 709 7th Street NW
Tampa: 12803 Citrus Plaza Drive
Honolulu: 1200 Ala Moana Blvd.
Baton Rouge: 9001 Florida Blvd.
Owings Mills: 10300 Reisterstown Road
Parsippany: 790 Route 46
Newton: 17 Hampton House Road
Sewell: 141 Tuckahoe Road, Suite 190
Council Bluffs: 3706 Metro Drive
West Des Moines: 6805 Mills Civic Parkway
Chicago: 530 N. State St.
McHenry: 3340 Shoppers Drive
Mount Prospect: 1057 N. Elmhurst Road
Rio Rancho: 3575 NM Highway 528 NE
Bronx: 610 Exterior Street
Midvale: The Family Center at Fort Union, 7210 S. Union Park Ave.
West Valley City: 3595 S. Constitution Blvd.
Stafford: 1190 Stafford Marketplace
Racine: 2360 S. Green Bay Road
Muncy: 290 South Lycoming Mall Road
Johnstown: Richland Town Centre, 340 Town Centre Drive
Providence: 24 Providence Place
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