Outlook for retail in America
Retail and sales analyst Erin Sykes and Strategic Resource Group Managing Director Burt Flickinger on the state of the retail sector.
It won’t be a Happy New Year for employees ofBed Bath & Beyond.
The home goods retailer is increasing the number of stores it expects to close in the fiscal year.
The retailer which also operates buybuy Baby, Harmon Face Values and World Market, says it will close 60 stores across the company, that’s 20 more than originally estimated, according to USA Today.
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Most of the closings are expected after the holiday shopping season in early 2020.
Forty of the stores closing will be Bed Bat h & Beyond stores and 20 will be stores in the company’s other concepts, According to interim CEO Mary Winston.
As of the end of August, the company had 1, 534 stores, including 993 Bed Bath & Beyond stores.
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According to global marketing research firmCoresight Research, across the retail sector, nearly 8, 600 store closures have been announced so far this year, up from around 5, 900 closings in 2018.
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