Bed Bath & Beyond will close 60 stores as it continues efforts to balance its store count.
The home goods retailer said in an investor's presentation earlier this week that it will close 60 stores, up from the previously planned 40 stores.
»RELATED: Beavercreek Hobby Lobby reopening today following Memorial Day tornado
“We expect to be able to take advantage of our heavy lease expiration cadence over the next couple of years, to close underperforming stores or relocate stores to improve sales and profitability on a per-store basis,” the company said in a letter to investors last month.
Bed Bath & Beyond face a net loss of $138.8 million or $1.12 per diluted share. Much of the loss comes from charges related to severance costs associated with workforce reduction and outsourcing as the company works to transform operations in a changing retail landscape.
»BIZ BEAT: Kroger laying off hundreds of workers
Most of the closings will happen after the holiday season, in the first part of 2020.
Bed Bath & Beyond announced it was closing its Springfield store in late 2017. There are still stores in Beavercreek, Hamilton, Cincinnati, Huber Heights, Columbus, Dayton and Mason.
FIVE FAST READS
•PHOTOS: Local smart home with spa features, tree house on market for nearly $4M
• Tornado-resistant homes with safe room in the works for Trotwood
• Senior living center construction set to begin on former Rollandia Golf Center
• Forever 21 could close 178 stores in bankruptcy filing
About the Author