The latest brick-and-mortar retail chain struggling to attract customers to its many locations is Bed Bath & Beyond. Now, in re-organization efforts, the home goods seller said that while it plans to open 15 brand-new locations this year, at least 40 of its retail shops will be closed down.
According to CNN, Bed Bath & Beyond, who lost money last quarter, revealed earlier in the week that sales are still on the decline. There are currently 1,024 retail stores in the U.S., Puerto Rico, Canada, and Mexico.
Besides the 40 stores that will definitely be closing down, a list of which has not yet been made public, more stores may be shuttered if executives from the New Jersey-based company cannot negotiate better lease terms for several of its locations.
What is doing good for the company, though, is the 21 "next-generation lab stores" that were opened in 2018. During an investors call, CEO Steven Temares praised the new store model and said that some of the innovative ideas presented in these stores that work best will be implemented in other locations in the U.S. Over the last four weeks alone, these shops have done 2.2 percent better than Bed Bath & Beyond's traditional stores.
These shops have a different layout, making it more visually appealing and easier for customers to see the merchandise, and there is "a greater emphasis on home décor, food and beverage, and health and beauty care," Temares explained.