Further, Gove said the company was consulting with advisers "as we consider all strategic alternatives." Such efforts were in addition to broad layoffs, cost-savings tactics and store closures, which were later followed by stock offerings that ultimately failed to infuse the company with enough cash to carry on. 10, Gove said Bed Bath & Beyond was taking steps to solve its inventory issues and explained "that credit constraints and vendors demanding better payment terms made it harder for the company to keep its shelves stocked during the period," the Journal summarized. When releasing the quarterly results on Jan. What did the company do to try and fix its problems? Sprinkle in a revolving door of executives in recent years, and you have yourself a recipe for disaster. And just a few days before that, Bed Bath & Beyond had warned in a regulatory filing that there was "substantial doubt about the company's ability to continue," given its dire financial situation. "Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals," CEO Sue Gove said of the quarterly data. 10, net sales had fallen 33% from the previous quarter, when the company's net loss grew to $393 million - a 42% increase from a year prior. Even as Gove took the reins, sales continued to slide in the lead-up to the crucial holiday season, "in large part because Bed Bath & Beyond did not have enough stuff on shelves from suppliers," according to CNN. But shoppers, unfortunately, were not impressed by the change-up, and a leadership exodus soon followed. Its most recent hiccup, however, was what The Wall Street Journal described as a "failed makeover," in which many name-brand goods were replaced by those of a BB&B private label - a strategic shift executives hoped would bolster lagging sales. Though rumors of the company's impending insolvency began swirling in January, Bed Bath & Beyond has been in hot water for some time now, having struggled for years to pivot to e-commerce and compete with larger rivals despite its best efforts. Storewide sales are scheduled to begin April 26. We have made the difficult decision to begin winding down our operations" - will remain open during the bankruptcy process. "We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process." Bed Bath & Beyond locations, as well as the company's website - which currently displays a banner reading, "Thank you to all of our loyal customers. ![]() "Millions of customers have trusted us through the most important milestones in their lives - from going to college to getting married, settling into a new home to having a baby," company CEO and President Sue Gove said in a press release. On Sunday, longtime home goods retailer Bed Bath & Beyond said it was filing for Chapter 11 bankruptcy protection and would soon begin closing its 360 remaining stores. Its demise marks yet another casualty of the retail industry's broader pivot to e-commerce, as well as the end of an era for Americans accustomed to the chain's plentiful stock and infamous blue coupons. The company has announced it will liquidate its stores and wind down operations after a string of last-ditch efforts failed to save it from bankruptcy. It could soon be time to say Bed Bath & Bye-Bye to Bed Bath & Beyond.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |