Bed Bath & Beyond is on track to close 150 stores as it struggles financially in a crowded market for home goods.
The retailer initiated a new merchandising and inventory strategy in the third quarter. However, Sue Gove, president and CEO of Bed Bath & Beyond Inc., said they did not achieve their goals.
The company reported that sales declined more than 30% compared to the third quarter of 2021.
Going forward, Gove said, "We will continue to rebalance our assortment towards National Brands and refine our Owned Brands mix to reflect the deep understanding of our customer."
Grove added that closing 150 stores will allow the company to "allocate resources according to customer demand." The affected stores are in approximately 30 states including, California, New Jersey, Nevada, Illinois, Ohio and Texas.
"We want our customers to know that we hear them and are charging ahead every day to meet their needs," Grove said.