Officials with Bed Bath & Beyond announced Thursday the expected shuttering of 60 stores by the close of the fiscal year, or 50 percent more brick-and-mortar closures than estimates released six months ago.
"With this action we are increasing the profitability of our remaining portfolio and believe that our remaining fleet will benefit from our renewed focus on driving traffic and operating efficiency," Mary Winston, the company's interim chief executive officer, said during an earnings call, CNBC.com reported.
The New Jersey-based home goods retailer's fiscal year typically ends in March, and the majority of the store closures are expected after the 2019 holiday shopping season ends, USA Today reported.
The company also operates buybuy Baby, Harmon Face Values and World Market.
According to CNBC.com, the closures will affect about 40 Bed Bath & Beyond stores and 20 stores from its other concepts.
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