Mattress Bathtub & Past Plans To Shut 200 Shops – CBS dangolka


(CNN) — Mattress Bathtub & Past introduced Wednesday that it plans to shut roughly 200 shops within the subsequent two years.
The retail chain — which additionally operates Buybuy Child, Christmas Tree Outlets and Harmon Face Values — stated it will be primarily closing Mattress Bathtub & Past shops, beginning later this 12 months. The announcement got here as the corporate launched its quarterly earnings report on Wednesday.
It wasn’t clear which shops the corporate would shut, and it didn’t instantly reply to requests for remark.
Similar to many different retailers, Mattress Bathtub & Past was compelled to quickly shut shops due to coronavirus.
“The influence of the Covid-19 state of affairs was felt throughout our enterprise throughout our fiscal first quarter, together with lack of gross sales resulting from non permanent retailer closures,” stated Mattress Bathtub & Past Chief Government Mark Tritton.
Mattress Bathtub & Past operated a complete of 1,478 shops, together with 955 Mattress Bathtub & Past shops, as of Could 31. The corporate beforehand closed 21 Mattress Bathtub & Past shops throughout the first quarter, which ended Could 31.
The everlasting retailer closures are part of Mattress Bathtub & Past’s restructuring plan to assist “rebuild and develop the enterprise” in response to the influence of Covid-19 on the corporate.
“We consider Mattress Bathtub & Past will emerge from this disaster even stronger, given the power of our model, our individuals and our stability sheet,” Tritton stated.
However Mattress Bathtub & Past was in bother earlier than the virus hit the USA. In early January, the corporate gave up on assembly its earlier monetary targets for buyers. On the time, Tritton referred to as the outcomes “unsatisfactory” and stated they underscore the crucial for change.
– Nathaniel Meyersohn contributed to this report
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