The economic downturn caused by the coronavirus pandemic is forcing Bed, Bath & Beyond to permanently close 200 stores.
The closings, which will take place over the next two years, amount to about 20% of its namesake stores.
Wall Street analysts had warned that Bed, Bath & Beyond was in trouble before COVID-19 hit the U.S.
In a quarterly statement released Wednesday, the company says the closings will save between $250 and $350 million a year.
Bed, Bath & Beyond CEO Mark Tritton says the retailer will emerge from this crisis even stronger, given the strength of the brand.
The New Jersey based retailer has not identified which of the two hundred stores will be closing yet.