Are Bed Bath and Beyond Stores Closing in New Hampshire and Maine?
The first 56 Bed Bath & Beyond locations to close as part of the chain's strategy to improve its financial footing was announced on Thursday
The retailer announced at the end of August that it had started a "back-to-basics philosophy" that focuses on better serving their customers, driving growth, and delivering business returns. Part of that strategy is the closure of 150 “lower producing” Bed Bath & Beyond stores.
New Hampshire locations in Portsmouth, Bedford, and Nashua, along with Maine locations in Augusta, Brunswick, and South Portland, are not in the first wave of closures. The company did not disclose when the next list will be released or when the stores will actually close.
The retailer also plans to reduce its payroll across the company by 20%.
The strategy includes refocusing on national brands instead of its own private labels, and dropping a third of the current line of products.
"We believe these changes will have a widespread positive impact across customer experience, inventory assortment, supply chain execution, and cost structure. The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns," Sue Gove, Director & Interim Chief Executive Officer said in a statement.