“We've been contacted about this report, and to be clear, no Bed Bath & Beyond stores were directed to adjust their air conditioning and there have been no corporate policy changes in regard to utilities usage,” a representative told CNN.īank of America analysts who conducted store visits reported reduced operating hours, scaled back utilities and canceled store remodeling projects. Walmart allegation: FTC sues Walmart for allegedly allowing scammers to commit money transfer fraudĪre Bed Bath & Beyond stores cutting back on air conditioning?Ī report from Bank of America claims Bed Bath & Beyond has curtailed air conditioning use to decrease costs in light of the sales woes, although the company denied the allegation, saying any changes in store temperature did not come from corporate. Shop Bed Bath & Beyond: Up to $200 off vacuums from Dyson, iRobot and Shark “In our view, Bed Bath & Beyond has, quite simply, been run into the ground and a change of management is the only way of restoring some credibility with investors,” Neil Saunders, managing director at GlobalData, said in an analyst note. The company also suffered the recent resignations of two senior vice presidents in finance, raising concerns about its leadership. While competitors like Walmart and Target have maintained steady traffic, Bed Bath & Beyond has seen its traffic decrease by 20%-30% year-over-year, CNN reported, citing analysts at B. Previously, the retailer had too many products in the stores, while more recently, the stores didn’t have enough inventory because of supply chain problems, turning customers away.īed Bath & Beyond’s stock price dropped by 24% in Wednesday trading, closing at $4.99 per share. The company has had issues with inventory in the past. Is Bed Bath & Beyond going out of business? Holiday shoppers: What stores are open on July 4th? Here are the hours for Walmart, Costco, Target, and moreĪmazon changes: Amazon CEO names new head for company's troubled retail business “Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet and robust digital capabilities will all be important to our success.” “We must deliver improved results,” Gove said in a statement. Board of directors member Sue Gove will step up as interim CEO, replacing Mark Tritton, who was previously the chief merchandising officer at Target. Riley Securities.īed Bath & Beyond’s CEO was removed Wednesday, as the home retailer struggled to meet consumer needs and experienced a decline in sales.ĭespite price discounts, the company saw sales drop by 25%, according to its first-quarter financial report. Watch Video: Bed Bath & Beyond store closings: 60 locations projected to closeĬorrections & Clarifications: An earlier version of this story misstated the name of the firm B.
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