SAN DIEGO, CA — Bed Bath & Beyond stated Wednesday it’s closing 150 stores and slicing 20 p.c of its workforce, although it is unclear if the house items retailer plans to shutter any of its San Diego space shops.
- Carlsbad: 1905 Calle Barcelona
- Chula Vista: 394 East H St.
- Oceanside: 2120 Vista Way
- San Diego: 1750 Camino Del Rio North
- San Diego: 10537 4S Commons Drive
- San Marcos: 165 South Las Posas Road
- Santee: 9918 Mission Gorge Road
The constriction is a part of the chain’s turnaround push. The closures embody “lower producing” banner namesake shops, and layoffs will probably be throughout company and provide chain workers, the company stated in a information launch forward of a name with buyers.
Sluggish gross sales have carried into the third quarter, the company stated, with in-store gross sales dropping by 26 p.c for the three-month interval ending Aug. 27, in contrast with the identical interval in 2021. It was the steepest drop in gross sales the chain had seen in years.
The company stated it had acquired $500 million in new financing to shore up its business mannequin earlier than the vital fourth quarter vacation buying season. Plans embody returning nationwide manufacturers to retailer cabinets, a technique interim CEO Sue Gove stated is meant to make the company as soon as once more “a preferred shopping destination.”
“We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns,” Gove stated within the launch, including, “The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns.”