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Bed Bath & Beyond Will Close At Least 40 Stores
Bed Bath and Beyond is planning to close at least 40 stores to help stem losses after it lost $253.8 million in the fourth quarter last year.
The home goods retailer, founded in 1971 and headquartered in Union Township, New Jersey, forecast dismal first-quarter profits, sinking shares in its stock on Friday, Feb. 12 as the company struggles to compete with online retailers such as Amazon.
The 40 stores scheduled for closure were not announced.
While the company, with 1,550 locations and more than 60,000 employees, also announced it plans on opening around 15 new locations,…
Ocasio-Cortez 'Thinks It’s A Good Idea To Lose Jobs, Revenue,' de Blasio Says After Amazon Exit
A day after Amazon announced it would be pulling out of a deal to set up a headquarters in New York amid pressure from politicians, New York City Mayor Bill de Blasio went on the offensive, slamming those elected officials and the company.
In November, the online retail giant announced that it has chosen two locations for its new HQ2 project, one in Long Island City, and a second in Virginia. However, they began getting cold feet last week and officially pulled out of the project on Thursday, Feb. 14, announcing that they will not be looking for a new city to set up shop.
The Amazon announc…