Bed Bath & Beyond to close about 40 stores

UNION, New Jersey -- Bed Bath & Beyond says it expects to close around 40 stores this year.

The company is saying, however, that it will also be opening around 15 new locations.

The New Jersey-based home goods retailer said more stores will have to close unless it's able to negotiate more favorable lease terms with its landlords.

Bed Bath & Beyond on Wednesday reported a fiscal fourth-quarter loss of $253.8 million, after reporting a profit in the same period a year earlier.

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