Bed Bath and Beyond Closing 40 Stores – Will That Include West Michigan Locations?
Following the footsteps of JC Penney, Gap, and Victoria's Secret, Bed Bath and Beyond is the latest retailer to announce store closures.
CNN reports that Bed Bath and Beyond has announced that due to declining sales and losing money last quarter, they plan to shutter 40 stores "if if the company cannot negotiate better lease terms at some locations."
However, the company also plans to open 15 new locations.
According to USA Today, Robyn D'Elia, chief financial officer and treasurer, said,
"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close. This number will grow unless we are able to negotiate more favorable lease terms with our landlords."
Bed Bath and Beyond have been experimenting with 21"next-generation lab stores", which have more of an emphasis on home decor, food and beverage, health and beauty, and different layouts from traditional stores, CNN reports. The company plans to incorporate what it has learned from these test stores at locations nationwide.
Which of Bed Bath and Beyond's 1024 locations will close has not yet been announced.
There are multiple Bed Bath and Beyond stores in the West Michigan area, including:
- Alpine Avenue in Walker
- 28th Street in Grand Rapids
- Wilson Avenue in Grandville
- Beeline Road in Holland
- Harvey Street in Muskegon
- South Westnedge Avenue in Portage