Bed Bath & Beyond says that it will soon close 20 more stores, in addition to the 40 announced in April. The affected stores will close by the end of the year.
Bed Bath & Beyond is 'running out of time'The troubled retailer said on an earnings call Wednesday that it will soon close 20 more stores, in addition to the 40 announced in April. The affected stores will be shuttered by the end of the year.Interim CEO Mary Winston said on the call that the closures will benefit the remaining open stores because of the company's "renewed focus on driving traffic and operating efficiency.
Read MoreBed Bath & Beyond has struggled in recent years to compete with traditional retailers such as Walmart and Target , as well as online retailers Amazon and Wayfair and discounters like TJ Maxx and its HomeGoods arm.Bed Bath & Beyond's stock has also plummeted and same-store sales have also fallen two years in a row. The stock has lost 85% of its value in the past five years.
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