Yet another business having to close some of their stores due to the effects of the pandemic. Bed Bath & Beyond said that sales have declined by about 49% and they plan to close about 200 stores in the next 2 years.
The sharp drop in sales is mainly due to the temporary store closings from March 1st until May 30th due to the pandemic. All of this is sad. Not only are stores closing, but these are jobs that are now going to be lost. In fact, many store associates are currently furloughed.
To get ‘back on track” they are discussing strategies that include closing about 200 stores in the next 2 years. The company also owns other stores, but the closures will mostly be Bed Bath & Beyond stores.
The company also said that they will be focusing more on digital sales. This seems to be where a lot of companies are headed since many people are choosing to only shop online due to fear of being exposed to the coronavirus. Super sad, but I feel this is just the beginning.
Bed Bath & Beyond had an 82% growth in online and digital sales. Even though the majority of the stores are now reopened for business, most people are choosing to still practice online shopping and curbside pickup options. I’m a person that likes to see things in person, so I really don’t like the way things are headed.