Bed Bath and Beyond make it to the news this time. It is because of the announcement that the company has made. Learn the latest happenings by scrolling down.
Bed Bath and Beyond: the news
Bed Bath and Beyond are planning to shutter 40 of its stores. Moreover, this number may increase.
If the retailers to fail better lease terms then their stores will join the list as well. Moreover, the company will also open 15 new stores. This will happen in 2019 according to the announcement made by the company.
The company also operates Buy Buy Baby, World Market, and Harmon Face Values. Moreover, Christmas Tree Shops is also operated by BBBY.
However, the closing of the stores will affect only BBBY.
Reasons for closures
Shutting down 40 stores is a big thing. Especially for a brand like Bed Bath and Beyond. It is majorly because of the results of the fourth quarter. The company got mixed results for its fourth quarter. This is the fiscal year 2018. The results of the fourth quarter were announced on Wednesday.
Moreover, this is not the first time when BBBY has closed stores. In the fourth quarter, the company has closed 21 stores. However, it also opened 3 new at the same time.
New ventures by the company
Bed Bath and Beyond also make announcements regarding its new ventures. It is now starting “next generation lab stores.” The announcement was made as a part of the earnings call.
According to the chief financial officer, the company is testing its 21 next-generation lab stores. The testing is with news and varied assortments. Moreover visual merchandising is also being done. This is so as to reimagine the experience, particularly the “in-store” experience.
The concept of this store led to an increase in sales. This was stated by the company itself.
BBBY has almost 15000 stores. This is through its complete line-up.
As of Friday, the shares of the company witnessed a rise. They had an increase of 1.21 percent.
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