![]() ![]() ![]() Board member Sue Gove took over as interim CEO, replacing Tritton. The company said that it is still searching for a permanent CEO. The stock ended Wednesday down $2.58 at $9.53. In March, Cohen had purchased a nearly 10% stake i n Bed Bath & Beyond, giving investors hope he could turn around the company's finances. Its shares made a monstrous run from $5.77 to $23.08 in a little more than two weeks in August, in trading reminiscent of last year's meme-stock craze, when out-of-favor companies suddenly became darlings of smaller-pocketed investors.īut the shares fell back to earth after a deep-pocketed investor, activist Ryan Cohen, the billionaire co-founder of online pet-products retailer Chewy Inc., sold his entire stake i n the company. "If Bed Bath & Beyond simply stocks the same sort of things as can be found at Target, Walmart, or Amazon, then it will struggle to differentiate and will find margins compressed as it needs to match on price, " he said.īed Bath & Beyond has been facing lots of turbulence recently. But he said that task is "easier said than done" and will require much closer relationships with suppliers to secure unique offerings. Neil Saunders, managing director at GlobalData Retail, said he applauds the strategic shift. For example, Bed Bath & Beyond was the first to bring items like the air fryer and the single-serve coffee maker to its customers, she said. ![]() Sirhal said the retailer wants to get back to being a place where shoppers find innovative items. It burned through $325 million of cash in the quarter. It said it expects a 26% decline in comparable sales for its fiscal second quarter, which ended Saturday. Time is of the essence for the company heading into the critical holiday shopping season. As of February, it had roughly 32,000 employees. "We must get back to our rightful place as the home-category destination, and our goal is to achieve this by leading with the products and brands our customers want."Īs of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores and 51 stores under the names Harmon, Harmon Face Values or Face Values. "There's still an incredible degree of love for Bed Bath & Beyond," Mara Sirhal, the newly named brand president of Bed Bath & Beyond, told industry analysts Wednesday. It said it would get rid of one-third of its store brands, which had started to be rolled out in the last year or so. That reverses a strategy embraced by its former CEO Mark Tritton, who was ousted in June after less than three years at the helm. Mired in a prolonged sales slump, the company also announced it will revert to its original strategy of focusing on national brands, instead of pushing its own store labels. We now know the stores in Waterloo and Dubuque will be closing.īut it will keep its buybuy Baby chain, which earlier this year it considered selling.īed Bath & Beyond's stock fell more than 21% Wednesday and is down 65% in the last 12 months. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing. It estimated those cuts would save $250 million in the company's current fiscal year. The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesakes stores and slash its workforce by 20%. NEW YORK (AP) - Bed Bath & Beyond said earlier this month that it will shutter stores and lay off workers in a bid to turn around its beleaguered business. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |