(WFRV) – Bed Bath & Beyond plans to close about 200 stores over the next two years as its sales slid in the first quarter.
The chain reported its quarterly sales dropped 49% due to temporary store closures amid the pandemic. Online sales soared 82%, according to the Associated Press.
Mark Tritton, Bed Bath & Beyond’s President and CEO said, “The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital. From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility. At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.”
In October 2019, Bed Bath & Beyond announced it would close a total of 60 stores before the start of 2020.
Bed Bath & Beyond isn’t the only major chain to be affected by the coronavirus pandemic: GNC, JCPenney, Tuesday Morning, Chuck E. Cheese, and Hertz have all filed for bankruptcy in the last three months. Victoria’s Secret, Pier 1 (who filed for bankruptcy protection in January), and Starbucks are among those who announced they would close hundreds of locations in the coming months.
Many local businesses were also negatively affected by the coronavirus pandemic.
Timshel Cafe in Neenah announced in late July that it would close its doors. The location won’t be empty long – Lawlss Coffee will open its second location in Timshel’s place.
After more than 30 years, Titletown Fitness announced it would shut down permanently in early July. Owners tell WFRV Local 5 says they lost about 40 percent of their members after being closed for about two months.
In late June, Green Bay’s Black and Tan Grille announced it would temporarily close its dining services, effective immediately, through at least August.
On May 27, it was announced that Fond du Lac’s Schreiner’s Restaurant would close permanently after over 80 years in business due to financial challenges created by COVID-19.
On the cusp of Memorial Day weekend, The Cannery in Green Bay announced it would close its door permanently due to challenges imposed by the virus.
Coronavirus has been the last straw for many Northeast Wisconsin businesses – Foremost Farms USA announced it will close its Chilton cheese plant facility in July after the market change due to the COVID-19 pandemic.
In early May, Harbor House announced Neenah’s JumpStart Auto Repair, which used the proceeds from customers’ auto service to fund auto repairs for domestic abuse survivors, would not reopen, saying the decision comes after the financial strain caused by a shift in business due to the pandemic followed the discovery that property had been stolen from JumpStart’s garage.
In the same time frame, Harmony Pizza of Appleton announced it would be closing its doors after nearly three years in business, citing pressures to achieve a strong service to the community and the coronavirus.
Manitowoc’s Holy Family College announced it would cease operations by the end of August. The Franciscan Sisters of Christian Charity Sponsored Ministries says the decision was made due to increased operating costs, unstable enrollment, and the impact of the coronavirus.
The Associated Press contributed to this story.