More signs of a Recession
Okay, one can argue what happens in the retail section of real estate has no impact on the Boston condo for sale market. I tend to think they go hand-n-hand. But with that said, what I read yesterday was not good news.
One of the most recognizable home brands is shrinking its footprint in a bid to keep the business afloat.
Bed Bath & Beyond is closing hundreds of stores and laying off a sizable percentage of its workforce, it announced. The New Jersey-based retailer has been struggling with slowing sales and a dive on the stock market, as well as a tumultuous leadership change.
About 150 of its lower-performing stores would be closed in the near future, the company announced, marking a footprint reduction of about 16 percent of its 955 stores. The company said it would continue to evaluate its portfolios and leases.
With fewer stores comes a significant reduction of staff. Bed Bath & Beyond said it would be laying off about 20 percent of its corporate and supply chain workforce in an effort to cut costs. Two corporate positions, chief operating officer and chief stores officer, have already been let go.