Bed Bath & Beyond Inc. to Permanently Close 200 Stores

Bed Bath & Beyond is planning to close around 200 of its stores in the next two years due to financial struggles brought by the coronavirus disease 2019 (COVID-19).

The majority of the Bed Bath & Beyond store associates and employees were laid off since the pandemic.

The company reported a net loss of $302.29 million in the first quarter this year. This decreased from $371.09 million a year ago.

Chief Financial Officer and Treasurer Gustavo Arnal said the drop in sales was mainly because of temporary store closures.

The New Jersey-based home goods company also operates retail stores like Buy Buy Baby and Cost Plus Inc. But Bed Bath & Beyond stores are the most affected.

Early Year Closure Announcements

Before the pandemic, the retailer plans to close 44 stores across the state.

The company confirmed in January store closings in Illinois, Florida, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia, and Washington, DC.

Bed Bath & Beyond is not the only affected by the pandemic.

Other American Businesses Closed due to the Pandemic

The coronavirus disease is not only a threat to the public's health safety. It also faces economic decline.

Other restaurants and non-essential businesses temporarily closed their stores.

Apple announced on March 13 to temporarily close all brick-and-mortar locations outside of China from March 14 to 27.

However, the company extended the closures past the initial deadline because of the pandemic.

The closure affected 44 states and the District of Columbia.

Retail store Bloomingdale's temporarily closed all its 56 locations.

The initial target date for reopening was March 31. Bloomingdale said it would provide compensation and benefits for workers who are affected by the shutdowns.

Disneyland was only closed three times in its entire history of operations. Once to mourn the assassination of John F. Kennedy;

The two incidents were because of the 1994 earthquake and on September 11, 2001.

Disneyland closed on March 12 because of the pandemic. It may be extended until necessary.

Automotive company Ford Motor Company also temporarily closed all of its plants on March 18.

The decision came as pressure from labor union the United Auto Workers.

It first announced plans to reopen production facilities on April 6, but the company announced plants in Mexico and the U.S. would remain closed for now.

Retail store Macy's also closed its stores in 551 locations across the country. It closed its business on March 17 and has not reopened since then.

The high-end jewelry store Tiffany & Co. has closed its 94 stores in the U.S. since March 17.

Remembering Bed Bath & Beyond

Warren Eisenberg and Leonard Feinsten founded the company in 1971 in New Jersey.

Bed Bath and Beyond is a chain of retail stores with a wide variety of home merchandise and furnishings.

Bed Bath & Beyond had several major competitors since 2008. These are Walmart, Target, and JCPenne.

On Forbes list, it was ranked as World's Best Employers in 2019. Bed Bath & Beyond was also one of the America's Best Employers by State in 2019.

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