The popular retail chain Bed Bath & Beyond will close its store in the Town of Newburgh, corporate leaders have confirmed.
In addition to their Town of Newburgh location, Bed Bath & Beyond will be closing their Poughkeepsie store as well as their sister store Harmon Face Value, also located in Poughkeepsie.
In 2017, Bed Bath & Beyond had 1,552 stores operating. They currently have 760 stores. The recent announcement includes 400 store closures, which will leave just 360 stores remaining across the nation.
The Town of Newburgh store is located in front of The Newburgh Mall. The site was previously the long-time home of Weis Markets, which closed due to downsizing two decades ago.
The closure is intended to “better serve” their customers, said Bed Bath & Beyond President & CEO Sue Gove.
“This transformative transaction will provide runway to execute our turnaround plan,” Gove stated. “We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success. We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities. This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us.”
Since the start of this week, the company’s stock (BBBY) has dropped approximately 23%. Stocks are currently trading at $2.40. Just over one year ago, their stocks were trading at $22.75.
The Town of Newburgh store’s exact closure date has not yet been announced.
Farwell! Overpriced made in China. I never knew why this store was always on a registry for wedding gifts.
Will miss this store. I really liked their window treatments.