Bed, Bath & Beyond confirms closure of Plaza del Sol store
Home goods retailer Bed, Bath & Beyond announced plans to close 56 stores through the end of this year, including its location at the Plaza del Sol shopping center in Bayamón.
The store is among what the chain has identified as its 150 underperforming locations, according to reports.
When the two-story Bayamón store closes, there will be a single Bed, Bath & Beyond location left in Puerto Rico, as a third store it had in Canóvanas closed a while back.
Bed, Bath & Beyond has had a rough go in the first half of 2022, reporting a 26% decline in year-over-year sales through the second quarter.
In an interim update of its operational results company officials also predicted a decline of 20% during the second half of this year, which would be a slight improvement over the first half.
But improving performance, the company confirmed it would be “right sizing” its fleet of stores as well as workforce reductions. Bed, Bath and Beyond also owns buybuyBaby and Harmon.
The company also plans to scale back on its plan for capital expenditures for Fiscal 2022, to $250 million from the $400 million originally announced. It has hit the pause button on store remodeling plans and new openings for the remainder of the fiscal year, officials confirmed in the presentation.
The chain plans to expand its digital offers and services and bring back more of what it called its customer’s “favorite national brands” into its Bed, Bath and Beyond inventory, while lowering its private label products.
“The changes we are making are aimed at serving our customers, driving growth and profitability, and delivering on business returns,” the chain’s executive stated in the presentation.
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