Bed Bath & Beyond Provides Further Response To COVID-19

UNION, N.J. — April 24, 2020 — Bed Bath & Beyond Inc. today announced a further update to its COVID-19 response.

On April 2, 2020, the company extended the temporary closure of all its retail banner stores across the United States and Canada, other than buybuy BABY and Harmon Face Values stores, until May 2, 2020.  Based on the latest guidance from federal, state and local government and health authorities, and in the interest of the health and safety of its customers and associates, Bed Bath & Beyond is further extending the temporary closure of these stores until at least May 16, 2020.  At the same time, the company is expanding the network of locations customers can Buy-Online-Pick-Up-In-Store (BOPIS), or enjoy contactless, curbside pick-up.

Bed Bath & Beyond is rapidly evolving to meet the changing needs of its customers during this time. The company has converted approximately 25 percent of its stores across the United States and Canada into regional fulfillment centers, almost doubling its digital fulfillment capacity, to support a significant rise in online sales. It has also commenced curbside pick-up at its Harmon stores, and introduced BOPIS and curbside pick-up at all buybuy BABY stores and Bed Bath & Beyond stores in Canada.  In line with changing guidance, the company will now extend BOPIS and contactless, curbside delivery services to customers at certain Bed Bath & Beyond stores in the US, starting with a number of stores across Florida and Texas, subject to state and local regulations.

To support the enhanced regional fulfilment network and accelerate the introduction of new services for customers, the company has been able to bring several hundred associates back from furlough. In addition, hundreds more new positions have been created in the company’s e-commerce distribution centers to meet the increased demand across digital channels, where sales have grown by more than 85 percent for the month of April to-date.

Mark Tritton, president and CEO, said: “We’re prioritizing the health and safety of our people, customers and communities by extending the temporary closure of most of our stores at this moment. This is a fluid situation, so as well as serving our loyal customers online in their homes, we will also expand the number of locations where customers can buy online and pick up at store, or simply drive up and enjoy contactless, curbside pick-up, in line with local, state and federal guidance.

“I want to thank our team for their dedication and service as we do what we can to make it easy for our customers to feel at home during this difficult time.”

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 16, 2020.  The company will continue to pay 100 percent of the cost of healthcare premiums for all furloughed associates who currently participate in the company’s health plan, until further notice.  The company will also continue to temporarily reduce salaries by 30 percent across the executive team, including the president and CEO.  At the same time, as previously announced, the Chairman of the Board and all other independent directors will continue to forgo 30 percent of their quarterly cash compensation.

Posted April 24, 2020

Source: Bed Bath & Beyond Inc.