Will Walla Walla’s Bed Bath and Beyond close as the retail giant ‘shrinks’? | Company

Bed Bath and Beyond has had a difficult year.

In an Aug. 31 update for investors, the Union, N.J.-based company said sales were down about 20% over the past year. In an effort to right the ship, the company also announced that it has identified more than 150 stores across the country that will be closed for the foreseeable future, saving approximately $250 million in the current fiscal year.

“We are working on the cadence of (closures), probably 50 to 60 stores will be closed in the first wave later in the rest of the fiscal year, and the rest will follow after that,” the then chief said. Financial agent Gustavo Arnal – who killed himself on September 2 – during the call for investors.

It is not known if the Walla Walla store is among those who will face the chopping block. Arnal declined to tell investors on the Aug. 31 call which stores had been identified for closure.

While a local store employee not authorized to speak to the press indicated he believed the store was safe at this time, a manager declined to answer questions, pointing the Union-Bulletin to corporate communications by Bed Bath and Beyond. In response to written questions, a company spokesperson simply said more information would be shared when it became available.

As of the end of May, the company had a total of 955 stores, including 769 Bed Bath and Beyond banner stores in the 50 states, District of Columbia, Puerto Rico and Canada, 135 buybuy BABY stores and 51 stores under the Harmon, Harmon Face Values ​​or Face Values.

But the homewares chain has struggled to meet investor expectations. After two successive quarters in which sales fell more than 20%, CEO Mark Tritton was fired and board member Sue Gove was hired as interim CEO.

Some store closings are already underway, according to Footwearnews.com, which reported that in January, this company had already closed 37 locations across the United States. Among them are four locations in Washington, including stores in East Wenatchee, Longview, Seattle and Union Gap.

Shares of the company have also been on a rollercoaster ride in recent months. In early August, the stock price soared from $5.77 to $23.08 on August 16, fueled by interest from retail investors who piled into the stock on the heels of co-founder Ryan Cohen from online pet supply retailer Chewy and the Internet. guru of “meme stocks” such as Gamestop, according to information from The Associated Press.

On August 18, as stock prices peaked, Cohen confirmed in filings with regulators that he had sold all of his 7.8 million shares he held in Bed Bath stock. and Beyond, causing the price to fall. After markets closed on September 8, the company’s shares were trading at $8.24.

About Timothy Cheatham

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