![]() ![]() We will no longer accept coupons or Welcome Rewards+ discounts beginning April 26, 2023.We expect Gift Cards, Gift Certificates, and Loyalty Certificates will be accepted through May 8, 2023.We expect to process returns and exchanges in accordance with our usual policies until May 24, 2023, for items purchased prior to April 23, 2023.We wanted to make you aware that several of our programs and policies may be changing soon. There is also an online chat at Bath & Beyond states the filing regarding the latest move that WCBS 880 called "tragic:" The national suicide and crisis lifeline is available by calling or texting 988. Shares have lost nearly 70% of their value in the past 52 weeks. Shares of the company fell more than 17% in afternoon trading, to $7.12. He thinks that the company is just biding time before a bankruptcy filing. It would also stop embracing the "pile high" merchandising approach and work more closely with its suppliers.īut Saunders and other analysts fear that suppliers will demand stricter financial terms as they worry about the health of the company. ![]() Meanwhile, Crossen will continue as principal accounting officer while serving as interim CFO.īed Bath & Beyond executives say they are reverting back to the company's original strategy of focusing on national brands instead of its own private labels, getting rid of one-third of its store brands. Last week, it announced that the chief operating officer and chief stores officer had left. The company is now being led by board member and retail consultant Sue Gove while a search firm looks for a permanent CEO. who purchased a nearly 10% stake in Bed Bath & Beyond in March, sold off all his shares. The trading was reminiscent of last year's meme-stock craze, when out-of-favor companies suddenly became darlings of smaller-pocketed investors.īut the stock fell back to earth after Cohen, the billionaire co-founder of online pet-products retailer Chewy Inc. Then came turbulence with the retailer's shares, which made a monstrous run from $5.77 to $23.08 in a little more than two weeks in August. "He went too far, too fast," said Neil Saunders, managing director at GlobalData Retail. The retailer ousted Tritton in June after two back-to-back quarters of disastrous sales. And while many retailers were grappling with supply chain issues, Bed Bath was among the most vulnerable.ĭuring last year's crucial holiday shopping season, the stores were missing many of their 200 best-selling items, including kitchen appliances and personal electronics, taking a hit of $100 million in sales, the company said early this year. ![]() Tritton quickly scaled back coupons and started to introduce store label brands at the expense of national labels.īut the pandemic, which happened shortly after his arrival, forced the retailer to temporarily close its stores and it was never able to use the health crisis to pivot to a successful online strategy as others had, analysts said. In late 2019, Bed Bath & Beyond tapped Target executive Mark Tritton to take the helm and turn around sales. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home decor. ![]() But for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. ![]()
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