Bed Bath & Beyond, the New Jersey-based home goods retailer, announced that it will close 150 of its 771 stores and lay off 20% of its 32,000-member workforce. The company made this announcement after it revealed a 28% drop in sales for the second quarter of FY2022 over sales for the corresponding period in FY2021. Net sales for FY2021 stood at $7,868 million, which showed a decrease of 14.8% over sales for FY2020. Sales decreased in FY2020 due to the impact of the COVID-19 pandemic in the first quarter of FY2020.
The company has been facing supply chain problems and lost sales due to lack of inventory. As stated in its report, Bed Bath & Beyond will accord priority to improving and rebalancing inventory. Other planned changes include increasing customer interaction with loyalty programs that could be implemented in various stores and websites. The company will be able to concentrate its resources on the areas of its business that offer the best return as it moves toward sustainable, long-term, profitable growth by reducing the number of employees and closing stores.
The size of the retail market for home furnishing in the US grew 28.9% between 2017 and 2022. The industry reported an increase in 2022 to reach $923,927 million from $716,791 million in 2017. The industry grew at a CAGR of 4.32% during 2017–22. The size of the retail market for home furnishing in the US grew faster than the overall economy.
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