UNION, N.J., May 8, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today provided an update to its
COVID-19 response, including the actions it is taking to expand its
omnichannel services to customers, and the measured steps it is
taking to re-open stores to the public and strengthen the business
for the long-term.
On April 24, 2020, the Company
extended the temporary closure of all its retail banner stores
across the US and Canada, other
than its buybuy BABY ("BABY") and Harmon Face Values ("Harmon")
stores, until at least May 16,
2020. Based on the latest guidance from federal, state and
local government and health authorities, Bed Bath & Beyond is
providing Buy-Online-Pick-Up-In-Store (BOPIS) and contactless
curbside delivery services to customers at a number of store
locations across the US and Canada.
Today, the Company announced plans to further expand these store
fulfillment services, and to initiate a phased approach to fully
re-open a number of stores, subject to state and local
regulations. The Company expects the majority of stores
across its retail banners to remain closed to the public until at
least May 30, 2020. The
approach to re-opening stores will include the following measured
steps:
- Expand BOPIS and contactless curbside pickup services to at
least 200 additional locations, taking the total number of
locations that offer these services to approximately 750 stores, or
approximately 50% of the Company's total store fleet across the US
and Canada.
- Continue to expand its fulfilment capabilities to support
increased demand across its digital channels, enabling the Company
to ship online orders in two days or less on average, or make
orders available for pick-up in less than two hours for customers
using BOPIS and contactless curbside services.
- In addition to its BABY and Harmon stores that have remained
open to provide essential goods throughout this period, the Company
intends to gradually re-open its other retail banner stores to the
public, starting with approximately 20 stores, including its Bed
Bath & Beyond and Christmas Tree Shops stores, by May 22, subject to state and local
regulations.
- Implement a new Store Safety Plan to promote a safe shopping
experience across all stores scheduled to re-open to customers,
enhancing existing safety protocols across its operations.
Mark Tritton, President &
CEO, said, "At a time when our homes have become the center of our
lives, Bed Bath & Beyond has been meeting the everyday needs of
our customers and making it easy to feel at home. We're expanding
our network of contactless curbside locations, so even more of our
customers can conveniently buy online and pick up at store in just
a few hours. So, whether it's a last-minute Mother's Day
gift, essential spring-cleaning equipment, or the start of a full
renovation, we're here to make it easy to feel at home this
Spring.
"As we initiate our store re-opening plans, we continue to
prioritize the health and safety of our associates and customers.
To help ensure our customers can shop safely with confidence, we
are implementing a new Store Safety Plan, enhancing our existing
protocols and based on the latest guidance from federal, state and
local government and health authorities.
"Our strong financial flexibility and liquidity allows us to
take this measured, market-by-market approach to re-opening stores.
We will only open our doors to the public when we believe it is
safe to do so, while carefully managing costs and monitoring
performance as we scale up our operations over time. This approach
allows us to continue to make strategic investments in our digital
and fulfilment capabilities to build an omni-always shopping
experience for our loyal customers.
"I want to thank all our teams for their dedication and
commitment throughout this time and we look forward to welcoming
back associates as stores begin to re-open to the public in the
coming weeks."
The introduction of contactless curbside services and the
measured approach to re-opening stores to the public is taking
place at locations already providing regional fulfilment services,
leveraging existing labor to limit the exposure to additional
costs. In conjunction with the decision to further extend
temporary store closures, Bed Bath & Beyond will also extend
the furlough of the majority of store associates and a portion of
corporate associates until at least May 30,
2020. The Company will continue to pay 100% of the cost of
healthcare premiums for all furloughed associates who currently
participate in the Company's health plan, until further
notice.
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
COVID-19 and the governmental responses to it, including its
impacts across the Company's businesses on demand and operations,
as well as on the operations of the Company's suppliers and other
business partners, and the effectiveness of the Company's actions
taken in response to these risks; 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, and other factors such as natural disasters, such as
pandemics, including the COVID-19 pandemic, 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; the ability to
effectively and timely adjust the Company's plans in the face of
the rapidly changing retail and economic environment, including in
response to the COVID-19 pandemic; uncertainty in financial
markets; volatility in the price of the Company's common stock and
its effect, and the effect of other factors, including the COVID-19
pandemic, 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.