Bed Bath & Beyond is closing 43 locations by the end of February, including its Springfield store at 857 Baltimore Pike, part of an overall plan to shutter 200 stores in the next two years, writes Anne Stych for Philadelphia Business Journal.
Store liquidation sales are underway.
It’s part of a real estate and fleet optimization plan, even as the company reported its second consecutive quarter of sales growth, brought on by a 94 percent increase in digital sales.
The home goods retailer added about 2.2 million new online customers in the third quarter.
“Our results this quarter set a firm base from which we will continue to drive our bold transformation and seek to deliver on our three-year strategic and financial plans shared in October at our 2020 Investor Day,” CEO Mark Tritton said.
The company is focusing on bed, bath and kitchen merchandising and marketing while shedding non-core businesses.
The company has agreed to sell Cost Plus World Market, Christmas Tree Shops, Linen Holdings and a distribution center in New Jersey for $250 million. Also sold was One Kings Lane for an undisclosed sum and PersonalizationMall.com for $245 million.
Read more about Bed Bath & Beyond at Philadelphia Business Journal.