Retail stores continue to take a hit as Bed Bath & Beyond reports their fiscal third-quarter sales fell by a third.
Sales slid to $1.26 billion from $1.88 billion for the three months that ended Nov. 26, and its quarterly loss widened to $393 million.
As the home goods store continues to struggle, the announcement was made this week that the brand will close numerous store across the country. Five Arizona Bed Bath & Beyond stores will close.
The Arizona store closures are:
- Mesa: 2039 N. Power Road
- Tucson: 9590 East 22nd Street
- Queen Creek: 21258 South Ellsworth Loop Road
- Phoenix: 34750 N. North Valley Parkway
- Tucson: 5225 South Calle Santa Cruz
The brand also announced that one Arizona baby store, Buy Buy Baby that will close: Tucson: 7475 North La Cholla Blvd.
The company released the full list of closures.
Last year, Bed Bath & Beyond reported a 26% drop in sales compared to the second quarter of the 2021 fiscal year. As a result was forced to reduce their workforce by approximately 20%.
This news leaves the company requiring additional cutting costs efforts. They are expected to cut an additional $80 million to $100 million across the company, which will include an undetermined amount of layoffs.
In an effort to reenergize the brand and improve sales, Bed Bath & Beyond is working to change its merchandising and inventory strategy.