Saturday, July 13

Bed Bath and Beyond shutting 40 stores, opening 15 exploratory ‘Lab Stores’

Bed Bath and Beyond is shutting 40 stores and opening 15 others, it declared Sunday.

CNN detailed that the new stores will be “labs” in which the organization tries out selling more nourishment products and home decor.

President Steven Temares said 21 “next-generation lab stores” that opened a year ago performed superior to anything the others, as indicated by CNN. Temares said those exploratory stores had deals that were 2.2% higher than others over the last four weeks. Clients likewise spent more.

“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,” Robyn D’Elia, chief financial officer and treasurer, said during Wednesday’s earnings call, according to USA Today. “This number will grow unless we are able to negotiate more favorable lease terms with our landlords.”

The organization right now has in excess of 1,000 stores in North America.

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