UNION, N.J., March 22, 2020
/PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY)
today announced a further update to its COVID-19 response. By
Monday morning, March 23, 2020, the
Company will temporarily close all its retail banner stores across
the US and Canada, other than its
buybuy BABY and Harmon Face Values ('Harmon') stores, subject to
state and local regulations. The move is part of ongoing
efforts to help reduce the spread of novel coronavirus (COVID-19)
and means all but approximately 175 of the Company's approximately
1,500 stores will be closed to the public until April 3, 2020.
The Company will provide all associates impacted by these store
closures with applicable pay and benefits for this period. As
the situation continues to evolve, the Company is monitoring
guidance provided by multiple local, state, federal, and global
public health entities and stands ready to implement immediate
changes, as needed.
Mark Tritton, President &
CEO, said, "Our number one priority is the health and safety of our
customers and associates. We will do our part to slow the spread of
this virus by closing the vast majority of stores across our retail
operations."
"Responding to consumer demand, we will continue to make
available essential infant, personal and health care products to
customers who need items urgently, in our stand-alone buybuy BABY
and Harmon stores. Meanwhile, we are improving our ability to
deliver other essential items to our loyal customers' homes during
this time, by enhancing our e-commerce capabilities and regional
distribution network."
Tritton added, "During this time of business disruption and
uncertainty, we are carefully managing our expenses, working
capital, capital expenditures and balance sheet. We ended our
fiscal year with approximately $1.4
billion in cash and investments, and we have access to an
additional $250 million through a
revolving credit agreement, as well as access to other uncommitted
lines of credit. As I previously stated, we have a remarkable
team and robust contingency plans, supported by a strong balance
sheet. We are financially stable and will continue to be
responsive to our customers' needs as this situation continues to
evolve."
About Bed Bath & Beyond Inc.
Bed Bath & Beyond
Inc. and subsidiaries (the "Company") is an omnichannel retailer
that makes it easy for our customers to feel at home. The
Company sells a wide assortment of domestic merchandise and home
furnishings. The Company also provides a variety of textile
products, amenities and other goods to institutional customers in
the hospitality, cruise line, healthcare and other industries.
Additionally, the Company is a partner in a joint venture
which operates retail stores in Mexico under the name Bed Bath &
Beyond.
Forward Looking Statements
This press release
contains forward-looking statements, including, but not limited to,
the Company's plans in response to the novel coronavirus
(COVID-19). Many of these forward-looking statements can be
identified by use of words such as may, will, expect, anticipate,
approximate, estimate, assume, continue, model, project, plan,
goal, and similar words and phrases, although the absence of those
words does not necessarily mean that statements are not
forward-looking. The Company's actual results and future
financial condition may differ materially from those expressed in
any such forward-looking statements as a result of many factors.
Such factors include, without limitation: general economic
conditions including the housing market, a challenging overall
macroeconomic environment and related changes in the retailing
environment; risks associated with the novel coronavirus
(COVID-19), including its impacts across our businesses on demand
and operations; consumer preferences, spending habits and adoption
of new technologies; demographics and other macroeconomic factors
that may impact the level of spending for the types of merchandise
sold by the Company; civil disturbances and terrorist acts; unusual
weather patterns and natural disasters; competition from existing
and potential competitors across all channels; pricing pressures;
liquidity; the ability to achieve anticipated cost savings, and to
not exceed anticipated costs, associated with organizational
changes and investments; the ability to attract and retain
qualified employees in all areas of the organization; the cost of
labor, merchandise and other costs and expenses; potential supply
chain disruption due to trade restrictions, political instability,
labor disturbances, product recalls, financial or operational
instability of suppliers or carriers, and other items; the ability
to find suitable locations at acceptable occupancy costs and other
terms to support the Company's plans for new stores; the ability to
establish and profitably maintain the appropriate mix of digital
and physical presence in the markets it serves; the ability to
assess and implement technologies in support of the Company's
development of its omnichannel capabilities; uncertainty in
financial markets; volatility in the price of the Company's common
stock and its effect, and the effect of other factors, on the
Company's capital allocation strategy; risks associated with the
ability to achieve a successful outcome for its business concepts
and to otherwise achieve its business strategies; the impact of
intangible asset and other impairments; disruptions to the
Company's information technology systems including but not limited
to security breaches of systems protecting consumer and employee
information or other types of cybercrimes or cybersecurity attacks;
reputational risk arising from challenges to the Company's or a
third party product or service supplier's compliance with various
laws, regulations or standards, including those related to labor,
health, safety, privacy or the environment; reputational risk
arising from third-party merchandise or service vendor performance
in direct home delivery or assembly of product for customers;
changes to statutory, regulatory and legal requirements, including
without limitation proposed changes affecting international trade;
changes to, or new, tax laws or interpretation of existing tax
laws; new, or developments in existing, litigation, claims or
assessments; changes to, or new, accounting standards; and foreign
currency exchange rate fluctuations. The Company does not
undertake any obligation to update its forward-looking
statements.
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SOURCE Bed Bath & Beyond Inc.