HUDSON VALLEY, NY — Bed Bath & Beyond stated Wednesday it’s closing 150 stores and chopping 20 % of its workforce. What’s not clear, although, is that if the house items retailer plans to shutter any of its Hudson Valley shops.
Bed Bath & Beyond has seven shops within the Hudson Valley: in Poughkeepsie, Newburgh, Kingston, Middletown, Elmsford, Yonkers and Mount Vernon.
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 traders.
Sluggish gross sales have carried into the third quarter, the company stated, with in-store gross sales dropping by 26 % 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 obtained $500 million in new financing to shore up its business mannequin earlier than the necessary fourth quarter vacation procuring season. Plans embody returning nationwide manufacturers to retailer cabinets, a method 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.”