Bed Bath & Beyond to reopen stores, bring back workers

Bed Bath and Beyond announced plans to reopen 500 North American Stores and bring back 11-thousand furloughed workers by June 13th. Yahoo Finance’s Ines Ferre shares the details.

Video Transcript

BRIAN SOZZI: Now let's take a look at one of the companies we're watching on YahooFinance.com right now. That's Bed Bath & Beyond. The retailer announced plans to open 500 North American stores and bring back 11,000 furloughed workers by June 13. Ines Ferre is back with the details. Ines.

INES FERRE: And, Brian, about 500 Bed Bath & Beyond stores will be reopened in North America out of those stores that you just mentioned. I also think it's very interesting that Bed Bath & Beyond said in their statement that about half of its stores will remain closed through June 13. And the company is saying that it's expanding its contactless curbside pickup service to many of its stores. That has been a big hit for them. Contactless curbside will be available in approximately 90% of the company's total store fleet in the US and Canada.

Take a look at the year to date of Bed Bath & Beyond. Well, that's been very under pressure, down about 60%. But Mark Tritton, president and CEO of Bed Bath & Beyond, who comes from-- used to be at Target before-- he said that over recent weeks in the US, traffic to their Bed Bath & Beyond website and mobile app is up approximately 30%. Digital sales have doubled. So certainly, this buy online, pickup at store, and contactless curbside-- that has been very positive for the company. It seems that the company is gearing in that direction.

By June 13, they're opening all of these stores. But they're still going to have about half of their stores closed through June 13, Brian.

- All right, Ines. I'll take it. Thanks for that.