Another retailer is shuttering some stores because of the sliding economy.
Bed Bath and Beyond are planning to close 200 stores over two years to combat the massive economic downturn brought by the coronavirus pandemic. The company said yesterday its quarterly sales dropped nearly 50-percent from a year ago.
While online sales surged in recent months, the retailer said its net loss fell by nearly 70-million dollars from last year. During its fiscal first quarter that ended May 30th, it reported an adjusted loss per share of nearly two dollars. As of that date, over 14-hundred stores were in operation.
The retailer joins Dunkin’, Bath & Body Works, Gap, and J.C. Penney is closing some locations.