Here's everything you need to know.

Bed Bath & Beyond store front
Credit: Getty Images

On Wednesday, Bed Bath & Beyond made a disappointing announcement: It will be closing approximately 200 store locations over the next two years. Like many companies, Bed Bath & Beyond has been greatly affected by the coronavirus pandemic, which prompted all of the company's stores to close temporarily starting March 23. Despite the fact that online sales soared 82 percent in the first quarter (and were up 100 percent in April and May), overall sales for the company fell 49 percent, from $2.57 billion a year ago to $1.31 billion, according to the quarterly report. While quarantining at home, online shoppers turned to Bed Bath & Beyond for cleaning products and home decor, but it wasn't enough to bolster the loss of sales resulting from temporary store closures.

The company also owns and operates buybuy Baby, Harmon Face Values, World Market, and Christmas Tree Shop stores, but most of the expected closures will be namesake Bed Bath & Beyond locations. The store closures are intended to reduce the number of "redundant stores" as part of a larger effort to cut costs and focus more on digital efforts. The company has already furloughed the majority of its store associates and is negotiating the payment terms of goods, services, and rent.

One bright spot: Bed Bath & Beyond's President and CEO Mark Tritton told CNBC that as its stores reopen, they are seeing sales bounce back above their internal projections. Customers are stocking up on cleaning products, water filters, coffee, and home goods as the pandemic continues and many are still spending more time at home.

Now the question on all of our minds: will my local Bed Bath & Beyond store be closing? Unfortunately, the company has yet to reveal a list of locations. We do know that there will be an effort to get rid of "redundant" stores, so if you're lucky enough to have two nearby locations, there's a good chance one may be closing.

And what about all of the 20 percent off coupons you have stacked in a drawer somewhere? Don't worry, the Times Herald reports that for now, the coupons are still valid both in stores and online. Once liquidation sales begin at stores that are closing, however, it's likely the coupons won't be accepted at those locations. And if you've noticed less coupons filling your mailbox recently, there's a reason: the company has pulled back on programs that drive in-store traffic. For now, grab those coupons you've been saving and stock up on discounted cleaning supplies while you can!