Bed Bath and Beyond Closing 35 Stores – 2 are in Minnesota
Bed Bath & Beyond is one of those stores where you can find almost anything "gadgety" for your home or for a great gift. People register there for weddings, and many of the things that are "as seen on TV" seem to be a staple.
There was some news about a year or so ago mentioning that the company would be closing some of their stores in the near future. Now, they have published which stores those will be. 35 stores will be closing within the next two months. Two of them are in Minnesota.
One of the stores is in Eagan, and the other one is in Duluth. There is also one in Wisconsin that will be closing. So far, the St. Cloud location is not expected to close. And hopefully that position holds.
Why are these stores closing? According to the Wall Street Journal, it's exactly what you would think. Declining sales. Some of this is due to the pandemic, just like everywhere else, but when the sales didn't come back significantly over the holiday season, that just put the nail in the coffin, so to speak.
According to The Wall Street Journal, on Jan. 6 the company reported a large sales decline for the quarter that included part of the holiday season. Comparable sales declined 7 percent in the quarter while net sales fell 28 percent compared to the same period last year.
The other issue is the ongoing supply chain problems. That is something that is being felt in almost every industry. According to Bring Me the News, Bed Bath and Beyond will be putting a bigger focus on online sales. That seems to be a trend since the beginning of the pandemic.
50 Famous Brands That No Longer Exist
CHECK IT OUT: See the 100 most popular brands in America