Bed Bath & Beyond is planning to close about 200 stores over the next two years as its sales dropped dramatically due to the coronavirus pandemic.
The chain said sales were down 49 percent quarter-to-quarter.
“From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” Mark Tritton, Bed Bath & Beyond’s president and CEO, said in a statement. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
The company has not released any locations of stores that are closing yet.