STATEN ISLAND, NY – After Bed Bath & Beyond announced earlier this month that it would close 150 stores by the end of 2023, opting for an aggressive corporate overhaul aimed at boosting the brand and bringing back sales and profits, the home goods retailer released a list of dozens of “less productive” locations that are expected to close soon. The remaining Staten Island store, located in New Springville, survived these cuts.
The top 56 locations on the chopping block are scattered across the United States, from California and Nevada to Ohio and Florida, with New York locations outside the five boroughs including Farmingdale, Plattsburgh, New Hartford , Mt. Vernon and Middletown.
The closures closest to home are those in New Jersey: Manalapan, Flanders and Paramus stores are all part of the cuts.
Store executives are calling it a pivotal moment for the brand, which comes just weeks after Gustavo Arnal, executive vice president and chief financial officer of Bed Bath & Beyond, died in an apparent suicide fall from an apartment building in Manhattan. .
“We embrace a simple, back-to-basics philosophy that focuses on serving our customers, growing and profitable, and delivering business returns,” said Sue Gove, the company’s interim chief executive, during an interview. a company update that took place on August 28. 31.
Founded in New Jersey in 1971, the big-box chain quickly became an anchor in suburban malls across the country, a destination that launched millions of simple renovations and provided blankets, pillows and blankets. essential toiletries for freshmen.
According to the New York Times, the company reached its peak in 2013, with a market value of $17 billion. But the company was slow to deploy a digital strategy to compete with Amazon, and during the coronavirus (COVID-19) pandemic, Bed Bath & Beyond began to change its sales strategy.
By reducing the number of products it sold in stores and focusing on a collection of smaller private label brands, the company, best known for its direct mail coupon program with no expiration, suddenly began to struggle – even as many have redecorated their home and bought tons of new gadgets and kitchen appliances. Many stores closed as a result – including the Tottenville site – and supply chain issues over the holidays proved detrimental.
This isn’t the first time the channel has attempted a revival. Investors and executives have made various attempts over the past four years, the Times noted, as sales and profits have continued to decline.
This new plan provides for a reduction in private labels, of which a third will be interrupted and liquidated. A fall ad campaign will focus on national brands and, according to the Times, executives plan to fill shelves with lesser-known direct-to-consumer brands, hoping to recapture the treasure-hunting feel that brought shoppers into chain stores from the glory days.
“Discovering innovative and unexpected brands, products and categories will once again become a core experience for our customers,” said Mara Sirhal, who was recently named Bed Bath & Beyond’s brand president, as part of the recent day.
The chain said it hopes these measures will help it avoid the fate of other stores like Sears, Toys “R” Us and Kmart.
“It’s been a very careful and tight balancing act,” interim chief executive Gove said.
