Bed Bath & Beyond could close up to 40 stores if the retailer is unable to negotiate favorable lease terms with its landlords.
The New Jersey-headquartered retailer plans to close approximately 40 stores in fiscal 2018 if better lease terms aren’t negotiated, but the retailer is also investing in its more popular stores. The retailer plans to open another 20 Buy Buy Baby and Cost Plus World Market stores, according to a filing submitted to the Securities and Exchange Commission.
» CONTINUED COVERAGE: 2 popular retailers open in Sugarcreek Twp.
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Over the past several years, the company’s pace of its store openings has slowed, and Bed Bath & Beyond has increased the number of store closings. Bed, Bath & Beyond is a chain retail store that sells bedding, bath towels, kitchen electrics, cookware and storage items.
“During the three months ended June 2, the company opened seven new stores and closed two stores. The company plans to continue to actively manage its real estate portfolio in order to permit store sizes, layouts, locations and offerings to evolve over time to optimize market profitability and will renovate or reposition stores within markets when appropriate,” the company stated in the filing.
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The retailer is now shifting to focus on e-commerce. Bed Bath & Beyond expects to continue to invest in technology related projects, including the deployment of new systems and equipment in its stores, enhancements to the company’s customer facing digital channels, ongoing investment in its data warehouse and data analytics and the continued deployment of a new point of sale system.
Bed Bath & Beyond opened another store in the region just last October in the former Cub Foods store in Sugarcreek Twp. Buy Buy Baby — a chain retailer offering an assortment of baby gear, furniture, clothes and toys — also opened a location at 6134 Wilmington Pike in Sugarcreek Plaza.
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