Bed Bath & Beyond will close 200 of its stores over the next two years.
In a statement released after an earnings call Wednesday, CEO Mark Tritton said the coronavirus pandemic took the already struggling company to new lows. He said while the home goods chain already closed some stores last year, the pandemic has forced it to close even more.
Tritton said, "The impact of the COVID-19 situation was felt across our business during our fiscal first quarter, including loss of sales due to temporary store closures and margin pressure from the substantial channel shift to digital."
As the company prepares to close stores, it will also scale back on the promotions and coupons customers have grown accustomed to. Tritton said those discounts will not go away entirely but will be used "strategically and more surgically going forward."
The company says it expects to save up to $350 million from the downsizing. In addition to the closures, Bed Bath and Beyond said it will focus on reducing the cost of goods and reexamine its supply chain.
The company has not yet decided which stores will close.
Contains footage from CNN.