In July last year, home goods retailer Bed Bath & Beyond announced plans to shut 200 of its locations over two years, representing around 21% of its stores. Liquidating the stores was projected to generate an annual cost saving of between $250 million and $350 million, which the company planned to invest in remodeling its remaining stores and driving up online profits.
Early this year, Bed Bath & Beyond identified 37 stores that it would be closing as part of its restructuring plan. The premises, which are located across 19 states, closed their doors for the last time in February. On 31 August the chain announced yet more closures: Reuters reported that another 150 stores are set to close as part of the latest business overhaul. The home goods company reported a net loss of $358 million in the first quarter of 2022 and planned to lay off 20% of its staff, including CEO Mark Tritton, in a bid to save its struggling brand.
Tritton was replaced by CEO Sue Gove, but it wasn't the start of brighter times for the company: in September this year it was announced that CFO Gustavo Arnal had fallen to his death from a New York building, the latest tragedy to rock this once-booming business.