More Bed Bath & Beyonds Closing; Fate Of LI Stores Unknown

UPDATE Oct. 1: Bed Bath & Beyond has plans to close 60 of its stores by the end of the fiscal year, according to reports.

The latest news that the home decor and supply retailer will be closing more stores than initially anticipated came during a quarterly earnings call Wednesday, USA Today reported.

Last month, Bed Bath & Beyond announced it was making a few changes to a chunk of its stores before Christmas, while underperforming locations might close or be relocated in the near future, a letter to shareholders said. At that time, the company estimated 40 stores would close.

Original story:

Bed Bath & Beyond, the popular home store with 11 locations on Long Island, has a few changes coming to a chunk of its stores before Christmas while underperforming locations might close or be relocated in the near future.

The news came in a letter to shareholders from the interim CEO Mary A. Winston and the chairman of the board of directors, Patrick R. Gaston.

In the letter, the company executives said a rapid refresh of 160 Bed Bath & Beyond locations is underway and is expected to be finished before the 2019 holiday season. It's not known which locations will see this changed look but the improvements will be clearly visible and will improve the shopping experience, the letter says.

The company will also shed itself of up to $1 billion in inventory over the next 18 months, the letter says. Any excess or aged inventory is expected to be taken off store shelves before the 2019 holiday season.

The expected store closures or relocations will happen over the next couple of years. More details on the company's future are expected on the next earnings call in October.

"As we continue to work toward executing on our business transformation, we remain confident in the strength of our brand and the future of Bed Bath & Beyond," the executives said in the letter. "Our focus on putting the customer at the center of our transformation, supported by data and insights, is intended to restore Bed Bath & Beyond to its iconic status and improve the Company's competitive position."