Over the last several years, stores across America have been closing their doors. With the increase in online sales and the declining sales at brick and mortar stores, even retail giants have been feeling the effects.
Now, another popular retailer has announced that they will be closing dozens of locations around the country. However, they are not facing the same extreme setbacks as many other mega retail stores have experienced.
Bed, Bath, & Beyond announced that they will be closing at least 40 of their stores. According to ABC, the closures are due to the fact that they have not been able to negotiate “more favorable” lease terms with various landlords.
Additionally, earlier this week the company announced that they have experienced extreme fiscal loss in their last quarter. They reported a fiscal loss of $253.8 million. However, they noted that a year prior in the same period, they experienced a profit.
It hasn’t been all bad news for Bed, Bath, & Beyond, however. The company reported that they will actually be opening 15 new locations around the country. So, overall, there will only be 25 stores less than their current total.
What do you think about this devastating loss? Let us know your thoughts. In other recent news, a beloved comedian suffered a heart attack and passed away on stage. Please pray for everyone who witnessed the accident and for his family and friends.