Bed Bath & Beyond to Close 200 Stores

Sales at Bed Bath & Beyond have tumbled nearly 50%, falling to $1.31 billion from $2.57 billion just a year ago, even as online sales surged more than 100% during April and May.

However, Bed Bath & Beyond announced plans to permanently close roughly 200 of their 1,478 stores over the next two years. These actions should generate an annual cost savings of between $250 and $350 million.

Shares fell nearly 7% in after-hours trading.

As of press time, no specific stores have been named.

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