To save $250 million to $350 million, Bed Bath & Beyond Inc. has announced that they’ll be shutting down 200 of their stores over the next two years.
Like many brick-and-mortar retailers, Bed Bath & Beyond has been gutted by store closures and limited traffic due to the coronavirus pandemic. By cutting costs, they’re hoping to improve their long-term financial picture.
But this is going to affect more than just Bed Bath & Beyond stores. Here’s what you need to know:
1 in 5 Bed Bath & Beyond stores will close in the next 2 years.
There are 955 Bed Bath & Beyond stores in the U.S. and Canada, and 200 of those will be closing.
The company had originally planned to close a total of 44 locations this year, but then coronavirus happened. So far, BB&B closed 14 stores late last year, and another 21 this year.
Cost Plus World Market, buybuy Baby, and others are facing closures, too.
Company execs said that while most of the closures would be Bed Bath & Beyond stores, their other stores will see some closures, too.
While no updated data has been released, the company previously planned to close 20 of their other stores.
Bed Bath & Beyond’s 20% off coupon can’t help you during liquidation sales.
Not only has Bed Bath & Beyond admitted they’ve slowed or stopped promotions that promote in-store traffic — such as the super-popular 20% off coupon mailer — but they won’t be accepting those coupons at liquidation sales for closing stores.
You’d still be able to use those coupons at unaffected stores, but be smart about it; Bed Bath & Beyond has hinted that coupons will be fewer and farther between moving forward.
Keep tabs on our Bed Bath & Beyond deals on KCL
You can use discounted gift cards to knock down BB&B prices.
We found a bunch of discounted Bed Bath & Beyond gift cards at Raise, where you pay less than the amount that’s loaded on the card. Bed Bath & Beyond will accept gift cards throughout liquidation, so while you can’t use the mailer coupon, this method is foolproof.
There are also gift cards available for buybuy Baby, although inventory for World Market and Christmas Tree Shops is pretty limited.
Bed Bath & Beyond liquidation sales won’t be great at first — just 10% off.
If prior history is any indication, discounts at Bed Bath & Beyond liquidation sales start off pretty small. The entire store gets discounted 10% off to begin, with a handful of items’ prices slashed as much as 30% right off the bat.
The best deals are always at the end of a liquidation sale, so once they start, set a calendar reminder to pop in every two weeks or so.
We’ve got plenty more liquidation sale tips where that came from.