(KDKA/CBS Local)– Bed Bath & Beyond says it will be closing 40 stores this year, and that number could grow. At the same time, the retailer says it will be opening 15 new stores.
The New-Jersey based home goods retailer announced the news during its fourth-quarter earnings call Wednesday in which the company revealed it lost more than $137 million last year. That’s down from a profit of nearly $425 million a year earlier.
However, as some stores close, others will be opening.
“We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close,” Bed Bath & Beyond’s chief financial officer and treasurer, Robyn D’Elia, said during Wednesday’s call.
The locations of the closing stores were not initially reported.
The CFO also warned that even more stores could close, saying, “This number will grow unless we are able to negotiate more favorable lease terms with our landlords.”
While the company has 1,500 stores across all the brands it operates, including Buy Buy Baby, The Christmas Tree Shops and World Market, D’Elia said most of the closures will affect Bed Bath & Beyond.
This isn’t the first time the retailer has closed stores. During the fourth quarter, Bed Bath & Beyond closed 21 stores and opened 3 stores, according to D’Elia.
The company said the closures and openings are part of a multi-year effort to achieve fiscal goals.