National Bed, Bath and Beyond closures include Connecticut
Shelton’s Bed, Bath and Beyond store will shut down as one of dozens of stores nationwide set to close under the big box store’s banner.
The home furnishings store at 862 Bridgeport Ave. is expected to close in coming months along with 40 locations across 19 states that company officials recently listed following another quarter of lagging sales.
The company reported $2.8 billion in net sales in last quarter, a 9 percent decrease from the same period the year before.
"Our performance in the third quarter was unsatisfactory and underscores the imperative for change and strengthens our sense of priorities and purpose,” said Bed, Bath and Beyond's President and CEO Mark J. Tritton in a press release. “We must respond to the challenges we face as a business, including pressured sales and profitability, and reconstruct a modern, durable model for long-term profitable growth.”
Because Thanksgiving was late in 2019, income compared with the year before was down because the period included fewer of the year’s traditionally biggest sale days, company officials said.
The New Jersey company, with headquarters in Union, had previously announced plans to close 60 stores by the end of the fiscal year, which ends in March. The closures were supposed to affect about 40 Bed, Bath and Beyond stores and 20 other concept stores.
Company officials said during a recent earnings conference call that they’ve delayed closing 20 of the 40 Bed, Bath and Beyond stores until the first half of the 2020 fiscal year.
Bed, Bath and Beyond plans to keep the soon-to-be-closed stores open long enough sell off inventory, the company said.
The company still plans to close 60 stores across all its brands.
Bed, Bath and Beyond shut down 14 stores across all its concepts in late 2019.
The company has roughly 1,524 U.S. stores, including locations throughout Fairfield and New Haven counties. The company also owns hundreds of World Market, Cost Plus, Buy Buy Baby and Harmon locations.
Bed, Bath and Beyond is one of the latest retailers to announce plans to shutter underperforming locations amid the growing foothold that e-commerce has on the industry. It joins GameStop, Forever 21, Payless, Charlotte Russe and Gymboree Group, which all announced closures in 2019.
Nearly 9,100 store closures were reportedly announced last year, eclipsing the total closures in 2018 by 55 percent.