Bed Bath & Beyond accused of turning off air conditioning in stores to save money
WASHINGTON (TND) — Is the heat on as sales drop?
Analysts have accused Bed Bath & Beyond of turning off air conditioning in stores to save money, according to CNN.
CNN on Tuesday noted that a report from Bank of America claims that the company hasn't been cooling its stores as a way to save money amid a decline in sales.
But, CNN reported, Bed Bath & Beyond said its recent changes in store temperature guidelines did not come from the corporate level.
We've been contacted about this report, and to be clear, no Bed Bath & Beyond stores were directed to adjust their air conditioning and there have been no corporate policy changes in regard to utilities usage," a representative said to CNN.
Yet, CNN noted that analysts at Bank of America have been conducting store visits, saying there are multiple concerns, including the following:
- Labor hours cut
- Scaled back utilities
- Reduced store operating hours
- Canceled remodeling projects
- Rewards programs scaled back and replaced
"The analysts expect Bed Bath & Beyond's management will soon announce more store closures and halt openings of its Buy Buy Baby stores," according to CNN, which also noted fire sales and price reductions have increased.
"The company continues to offer elevated promotions including up to 50% off bedding and furniture, free same-day shipping, $10 off a $30 purchase and 20% off purchases by college students and their parents," CNN noted.
