Sales at Bed Bath & Beyond have tumbled nearly 50%, falling to $1.31 billion from $2.57 billion just a year ago, even as online sales surged more than 100% during April and May.
However, Bed Bath & Beyond announced plans to permanently close roughly 200 of their 1,478 stores over the next two years. These actions should generate an annual cost savings of between $250 and $350 million.
Shares fell nearly 7% in after-hours trading.
As of press time, no specific stores have been named.