Bed Bath & Beyond will delay 20 store closures
- Bed Bath & Beyond is delaying 20 store closures until fiscal 2020.
- The company originally planned to close 60 locations, including 40 Bed Bath & Beyond stores, in fiscal 2019.
- The retailer also withdrew its fiscal 2019 outlook on Wednesday.
Bed Bath & Beyond said Wednesday that it would delay closing 20 of its namesake stores.
The company originally planned to close 60 locations, including 40 Bed Bath & Beyond stores, in fiscal 2019. Twenty of those Bed Bath & Beyond closures will be delayed until after the first half of fiscal 2020 in order to sell more of their merchandise.
Bed Bath & Beyond, which also owns Buy Buy Baby and Christmas Tree Shops, has roughly 1,500 locations in total.
CFO Robyn D'Elia said that the company is on target to open about 10 stores in fiscal 2019.
Bed Bath & Beyond reported its fiscal third-quarter results on Wednesday, falling short of earnings estimates. The company also withdrew its fiscal 2019 outlook and said that it would reveal its strategic plan in early 2020. Shares of the company fell 8% in extended trading.
The retailer is plotting a turnaround under new CEO Mark Tritton, who took the helm in November.