So-called home goods retailer Bed Bath & Beyond announced on Friday they will be closing over 50 more stores, part of a total planned 150 store closures as their company continues to struggle.
The company secured over $500 million in new financing and is cutting its staff by roughly 20 percent.
In the past two years, the company has shrunk by about 35 percent. At the beginning of 2020, it had 1,478 stores. The store now has 955 stores.
The company is also in search for a new CEO after its chief financial officer, Gustavo Arnal, committed suicide at the beginning of this month.
“The retailer operates other chains, too. It had 135 Buybuy Baby stores and 51 locations under the Harmon, Harmon Face Values or Face Values banners, as of the end of the fiscal first quarter. It is adding to its baby goods banner, however. It opened five Buybuy Baby stores in that three-month period ended May 28,” CNBC reported.
This all comes after Bed Bath & Beyond canceled My Pillow CEO Mike Lindell by cutting ties with him and dropping his products from their store.
“I just got off the phone with Bed Bath & Beyond. They’re dropping MyPillow,” Lindell announced in an interview with the Right Side Broadcasting Network in January 2021.
“Just got off the phone — not five minutes ago. Kohl’s, all these different places. … These guys don’t understand. They’re scared. Like a Bed Bath & Beyond, they’re scared. They were good partners. In fact, I told them, ‘You guys come back anytime you want,’” Lindell added.
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“We have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the My Pillow product line,” the company claimed in a statement.
“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the MyPillow product line. Our decisions are data-driven, customer-inspired and are delivering substantial growth in our key destination categories,” Bed Bath & Beyond claimed.