From Home Furnishing Business
Bed Bath & Beyond Closes Majority of Stores
Bed Bath & Beyond Inc. (NASDAQ: BBBY) has announced it will temporarily close all its retail banner stores across the U.S. and Canada, other than its buybuy BABY and Harmon Face Values stores, subject to state and local regulations.
The move is part of ongoing efforts to help reduce the spread of novel coronavirus (COVID-19) and means all but approximately 175 of the company's approximately 1,500 stores will be closed to the public until April 3, 2020.
The company will provide all associates impacted by these store closures with applicable pay and benefits for this period. As the situation continues to evolve, the company is monitoring guidance provided by multiple local, state, federal, and global public health entities and stands ready to implement immediate changes, as needed.
"Our number one priority is the health and safety of our customers and associates,” said Mark Tritton, president and CEO. “We will do our part to slow the spread of this virus by closing the vast majority of stores across our retail operations."
"Responding to consumer demand, we will continue to make available essential infant, personal and health care products to customers who need items urgently, in our stand-alone buybuy BABY and Harmon stores. Meanwhile, we are improving our ability to deliver other essential items to our loyal customers' homes during this time, by enhancing our e-commerce capabilities and regional distribution network."
Tritton added, "During this time of business disruption and uncertainty, we are carefully managing our expenses, working capital, capital expenditures and balance sheet. We ended our fiscal year with approximately $1.4 billion in cash and investments, and we have access to an additional $250 million through a revolving credit agreement, as well as access to other uncommitted lines of credit. As I previously stated, we have a remarkable team and robust contingency plans, supported by a strong balance sheet. We are financially stable and will continue to be responsive to our customers' needs as this situation continues to evolve."