Big National Retailer Shuts Down
Things are getting worse.
Bed Bath & Beyond has just revealed the first 37 locations out of 200 overall that they are planning to close over the next two years.
In an attempt to save the dying business, CEO Mark Tritton said their plan is to create a multi-year transformation which includes making new, private labels, remodeling stores and focusing on e-commerce.
According to CNN, The 37 locations are expected to be closed by the end of February and they are currently holding liquidation sales.
Additionally, Bed Bath & Beyond is remodeling 450 stores which is about half of their locations and are spending somewhere around $250 million in hopes of getting more business.
The company has been suffering from a decline in sales and low foot traffic for a long time now. Competitors such as Target and Amazon have put a major dent in their profits and the once popular retailer could be shutting down for good if they do not turn things around.
