After a visit to Bed Bath & Beyond stores, Bank of America analysts are accusing the retailer of cutting its air conditioning in an attempt to “quickly trim expenses to align costs with [sales] declines.”
In April, Bed Bath & Beyond reported its sales sunk 22%. Bank of America analysts project sales to plunge another 20% this quarter and foresees more store closures as a response. According to Fox Business, analysts reported mounting concerns such as the home goods chain reducing store operating hours, cutting employees’ hours, replacing rewards programs, and cancelling remodeling projects.