Bed Bath & Beyond increases projected store closings

It won't be a Happy New Year for employees of Bed Bath & Beyond.

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The home goods retailer is increasing the number of stores it expects to close in the fiscal year.

The retailer which also operates buybuy Baby, Harmon Face Values and World Market, says it will close 60 stores across the company, that's 20 more than originally estimated, according to USA Today.

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Most of the closings are expected after the holiday shopping season in early 2020.

Forty of the stores closing will be Bed Bath & Beyond stores and 20 will be stores in the company's other concepts, according to interim CEO Mary Winston.

As of the end of August, the company had 1,534 stores, including 993 Bed Bath & Beyond stores .

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According to global marketing research firm Coresight Research, across the retail sector, nearly 8,600 store closures have been announced so far this year, up from around 5,900 closings in 2018.