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Bed Bath & Beyond to close Keene store after another quarterly sales decline
Move comes in 150-store closure nationwide
After yet another drop in quarterly sales, the troubled Bed Bath & Beyond home goods retailer says it is planning to close about 150 stores nationwide, including one in Keene. Alsop sa9id said it would cut $80 million to $100 million and will lay off an unspecified number of workers.
In a Tuesday morning announcement, Bed, Bath & Beyond CEO Sue Gove said the move is to close the stores is being made to “allocate resources according to customer demand.” She said they are on track to close those stores.
As its sales decline and losses grow, the company has been approaching a potential bankruptcy grow, and it issued a “going concern” warning last week, saying it could run out of funds to cover expenses.
The company reported that its sales slid 33%, to $1.26 billion, for the quarter ending Nov. 26 from $1.88 billion a year earlier. The company’s quarterly loss widened to $393 million.
There are currently eight Bed Bath & Beyond stores in New Hampshire, including the one in Keene.
