Bed, Bath & Beyond Closing Paramus Location In Retail Strategy Shrift

BERGEN COUNTY, NJ — Bed, Bath & Beyond is closing 150 stores, including one in Paramus, in order to allocate assets to line up with customer demand and support strategic goals, the president and CEO said in a statement.

The embattled retailer released a list Tuesday of seven store locations in New Jersey that will be shuttered, including the one on 34 East Ridgewood Avenue.

A significant net loss of $393 million was posted by the New Jersey company in the fiscal third quarter, compared with the $276.4 million loss a year earlier. Net sales of $1.26 billion also slid 33% in the third quarter.

In a sweeping move to shift merchandising strategy as driven by changes in consumer behavior, Bed, Bath and Beyond did not achieve financial goals, the statement said.

Bed, Bath and Beyond had pivoted, and will continue, to prioritize national brands over private label brands "to reflect the deep understanding of the customer," newly appointed president and CEO Sue Gove said, adding that the retailer is focused on re-engaging customers.

"We are implementing our (turnaround) plan expeditiously while managing our financial position in a changing landscape," Gove added. "Our organization is more streamlined and we have adopted a more focused infrastructure that reflects our current business."