Bed Bath & Beyond shutting 37 more stores in February
Bed Bath & Beyond lost $276.4M, or $2.78 per share, for the 3 months ended Nov. 27
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Bed Bath & Beyond, which faced significant losses due to global supply chain woes, plans to shutter more than 30 stores nationwide next month.
The company confirmed to FOX Business that it will close 37 stores across 19 states. The closures, however, are part of previously announced plans to optimize store footprint and close approximately 200 stores, according to Bed Bath & Beyond.
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"While the decision to close a store is always a difficult one, Bed Bath & Beyond looks forward to serving customers at other stores," a Bed Bath & Beyond spokesperson said in a statement.
People walk past a Bed Bath & Beyond store on October 01, 2021 in the Tribeca neighborhood in New York City. (Michael M. Santiago/Getty Images / Getty Images)
The company currently serves customers at its 809 brick-and-mortar stores in addition to its online store and mobile app.
However, the news comes after the company struggled to get products on shelves in recent months due to ongoing issues tied to backups in the supply chain.
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Those constraints resulted in an estimated $100 million impact on the quarter and an even higher impact in December, said CEO Mark Tritton in a prepared statement.
Bed Bath & Beyond lost $276.4 million, or $2.78 per share, for the three months ended Nov. 27.
The company last year lost $75 million in the quarter, or 61 cents per share.
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Revenue was $1.88 billion, down sharply from $2.62 billion and also short of the $1.96 billion that Wall Street was looking for.
Here is the list of locations slated to close by the end of February.
The Associated Press contributed to this report.