Bed Bath & Beyond Inc. estimates it will close 60 stores, including 40 Bed Bath stores and 20 other concept stores, by the end of fiscal year 2019, Interim Chief Executive Officer Mary Winston said on a quarterly earnings call Wednesday.
The Union-based retailer previously estimated 40 closures for that time frame.
“With this action, we are increasing the profitability of our remaining portfolio and believe that our remaining fleet will benefit from our renewed focus on driving traffic and operating efficiency,” Winston said, citing fleet optimization with the assistance of a third-party source.
The company plans on capitalizing on heavy lease expiration cadence, she said, as there are more than 400 leases expiring over the next couple of years overall concepts.
Concepts under Bed Bath’s umbrella include Bed Bath & Beyond, Christmas Tree Shops and AndThat!, Harmon and Harmon Face Values, buybuy BABY, and Cost Plus and Cost Plus World Market.
Bed Bath did not return request for comment by press time.