Is Bed, Bath & Beyond Closing in Sioux Falls?
Bed Bath, the company which owns 955 Bed, Bath & Beyond stores has announced that in an effort to get "back to profitability against the backdrop of the coronavirus pandemic", they plan to close 200 stores across the country, beginning later this year and continuing into 2021.
Bed Bath reported that their sales were down nearly 50% in the 2nd quarter of the year due to COVID-19 temporary store closings. On the other hand, their online profits were up 100%, due to people stockpiling cleaning supplies and home decor items while self-isolating.
Their goal is to save from $250 to $350 million dollars by making this move. The company had previously announced store closings in January, prior to the effects of the pandemic. They have closed 21 Bed, Bath & Beyond locations so far this year.
According to multiple sources, the company's problems began long before COVID-19. Declining sales and in-fighting in the company's upper echelon, with a CEO transition happening last November, all contributed to the jeopardy that Bed Bath finds itself in now.
At this point in time, the majority of brick-and-mortar employees, as well as numerous corporate positions have been furloughed, already. The company's CEO Mark Tritton indicated that as the remaining stores begin to reopen, they have been surprised at how well some of them have done.
"Home is now everything, it's the epicenter," Tritton said. Consumers are now shifting from stocking up on specific household items to purchasing higher-priced staycation products for their homes, like outdoor furniture and accessories.
Our Sioux Falls store has reopened, and as of July 9, 2020, the company had not released the full list of stores that they intend to close permanently. They indicated many will close as soon as the store's leases expire.