(WIAT) — The economic downturn caused by the coronavirus pandemic is forcing Bed Bath & Beyond to permanently close 200 stores.
The closings will take place over the next two years and amount to about 20% of its namesake stores.
Wall Street analysts had warned that Bed Bath and Beyond was in trouble before the COVID-19 pandemic hit the U.S.
In a quarterly statement released Wednesday, the company said the closings would save between $250 million and $350 million a year.
According to CBS News, Bed Bath & Beyond is now converting some of its closed stores into what the industry calls fulfillment centers, where employees will grab products that online shoppers request to have delivered to their home.
Bed Bath & Beyond CEO Mark Tritton said the retailer will emerge from this crisis even stronger, given the strength of the brand. The New Jersey-based retailer has not identified which of its stores would be closing yet.
Store locations were not announced, however, 40 store closings were announced in January and included sores in Cincinnati, Mayfield Heights, North Olmsted and Grove City (Ohio), Muncy (Pa) and Johnstown (Pa.).