Cost Plus/World Market to close on Jan. 25

World Market to close on Jan. 25 leaving vacant block in Packwood Creek shopping

The Sun-Gazette

VISALIA – Another national retail is closing its doors and will leave a void in the Packwood Creek Shopping Center on Mooney Boulevard. 

Cost Plus / World Market will close its location at 4038 S Mooney Blvd. in Visalia this Saturday, Jan. 25. Shortly after the holidays, the store began promoting a “store closing sale” with most items in the store, including furniture, selling at 80% off. Calls to the store manager and the parent company, Bed Bath and Beyond, were not returned as of press time. The Visalia location is the only Cost Plus World Market between Fresno and Bakersfield. 

The shuttering is one of 20 World Market closings and 40 Bed Bath & Beyond closings nationwide. The closures were announced in October as part of Bed Bath & Beyond’s second quarter earnings report. The company reported its tenth straight quarter of same-store sales declines in the second quarter with sales of $2.72 billion, slightly lower than expectations of $2.752 billion. The losses continued to mount in the third quarter as Bed Bath & Beyond reported net sales were down 9.0% and comparable sales declined 8.3% compared to the prior year period. The company also ended the quarter with $920 million in cash and investments, compared with $1.0 billion  at the end of the third quarter 2018.

In July, the company announced a corporate workforce reduction. Between September and December, the company began shifting its focus from its other retail brands to Bed Bath & Beyond. A “rapid refresh” of 160 Bed Bath & Beyond stores was completed while the all of its stores reduced inventory by $1 billion and were under review for performance. The company expects to open approximately 12 new Bed Bath & Beyond stores in the next year.

“[W]e expect to be able to take advantage of our heavy lease expiration cadence over the next couple of years, to close underperforming stores or relocate stores to improve sales and profitability on a per-store basis,” Bed Bath & Beyond board chairman Patrick R. Gaston said in a September letter to shareholders. 

As of Nov. 30, 2019, the company operated 1,524 stores including 981 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 278 Cost Plus World Market stores, 126 buybuy BABY stores, 81 stores under the names Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!, 55 stores under the names Harmon, Harmon Face Values or Face Values, and three stores under the name One Kings Lane.  

-This article was updated at 1:17 p.m. PST on Jan. 23, 2020.

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