![]() ![]() And while many retailers were grappling with supply chain issues a year ago, Bed Bath was among the most vulnerable, missing many of its 200 best-selling items including kitchen appliances and personal electronics, during the holiday 2021 season. ![]() It was never able to use the health crisis to pivot to a successful online strategy as others had, analysts said. Tritton quickly reduced coupons and started to introduce store label brands at the expense of national labels, a strategy that proved disastrous for the retailer.Īnd the pandemic, which happened shortly after his arrival, forced the retailer to temporarily close its stores. 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 décor. It was among the first to introduce shoppers to many of today’s household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were ubiquitous.īut 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. “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.”įounded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of sheets, towels and gadgets unmatched by department store rivals. A lot of people have grown up with it, ” said Neil Saunders, managing director of GlobalData Retail. FOX Business' Lucas Manfredi contributed to this article.“It’s the death of an icon. MARK TEPPER WARNS OF A ‘RUDE AWAKENING’ FOR THE MARKETSĪnd it anticipates a net loss of approximately $385.8 million for the third quarter of fiscal year 2022, including impairment charges of approximately $100 million, compared to a net loss of $276.4 million from the same time last year. Lakewood: 5830 Lakewood Towne Center Blvd., S.W.īed Bath & Beyond said it expects to report net sales of approximately $1.259 billion compared to $1.878 billion from the same time last year, reflecting lower customer traffic and reduced levels of inventory availability. Leesburg: 532 Fort Evans Road Washington Wichita Falls: 3201 Lawrence Road Suite A Virginia Port Arthur: Central Mall 3100 Highway 365 Suite 114 ![]() Bayamon Plaza Del Sol, 725 West Main Avenue Texas Sandusky: 4020 Milan Road Unit# 910 Oregon Hamilton: Bridgewater Falls, 3451 Princeton Road GET FOX BUSINESS ON THE GO BY CLICKING HERE Ohio Charlotte: The Arboretum, 3413 Pineville-Matthews Road Sparks: 195 Los Altos Pkwy North Carolina Plattsburgh: 73 Centre Drive, Suite 100 Nevada Middletown: 470 Route 211 East, Suite 3 Flanders: 30 International Drive, Suite 1 Cloud: 3959 Second Street South New Jersey White Lake Twp.: 9050 Highland Road Minnesota ![]() Walker: Green Ridge Square, 3410 Alpine Avenue NW Northville: Northville Retail Center, 17223 Haggerty Road Farmington Hills: 31075 Orchard Lake Road Bossier City: 2900 Meadow Creek Drive MassachusettsīED BATH & BEYOND APPOINTS INTERIM CFO Michigan Waterloo: 1522 Flammang Drive Louisiana Gurnee: 6132 Grand Ave., Gurnee Mills Mall Fairview Heights: Fairview Center, 6611 N. Snellville: Presidential Market Center, 1905 Scenic Hwy Suite 5000īED BATH & BEYOND HAD CONCERNS ABOUT CFO'S STRESS LEVEL Illinois Waterford: 850 Hartford Turnpike Florida Stamford: Ridgeway Shopping Center, 2275 Summer Street Santee: 9918 Mission Gorge Road Connecticut San Leandro: 15555 East 14th Street, Suite 240 Tucson: 5225 South Calle Santa Cruz California Inquiries by FOX Business to the company about whether this list would be expanding were not immediately returned.īelow is the full list of affected store locations by state as of the September update. At the time, the company was putting together a turnaround plan, which has since fallen flat based on the latest update. In September, the company released a list of 56 stores that will close. "While the Company continues to pursue actions and steps to improve its cash position and mitigate any potential liquidity shortfall, based on recurring losses and negative cash flow from operations for the nine months ended November 26, 2022, as well as current cash and liquidity projections, the Company has concluded that there is substantial doubt about the Company's ability to continue as a going concern," she said. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |