Closings focused on locations in Midwest, New York, New Jersey Retailer has cut 20% of workers, will close 100 more stores  September 15, 2022, 3:15 PM UTCUpdated onSeptember 15, 2022, 5:45 PM UTC Bed Bath & Beyond Inc. is starting to close down and liquidate 56 stores as part of a wide-ranging turnaround plan, which the troubled retailer is betting will rekindle some of its lost appeal with US shoppers. The closings, many of which are happening in the upper Midwest, New York and New Jersey where its locations are more densely packed, are the first round of what will ultimately total about 150 stores.
Though Bed Bath & Beyond got a boost early in the pandemic when many people were spending more time at home, the gains didn't last, and earnings have continued to drop. Michael M. Santiago/Getty Images hide caption toggle caption Michael M. Santiago/Getty Images
Though Bed Bath & Beyond got a boost early in the pandemic when many people were spending more time at home, the gains didn't last, and earnings have continued to drop. Michael M. Santiago/Getty Images Bed Bath & Beyond is cleaning house. The retail giant, known for its ubiquitous coupons, announced job cuts and store closures in an effort to reduce costs as it continues to struggle with weak sales and a recent senior leadership shakeup. In a Wednesday announcement, the New Jersey-based company vowed to slash its workforce by 20% and close about 150 stores. According to Seth Basham, a managing director at the financial services and investment firm Wedbush Securities, Bed Bath & Beyond is seeing some of the same problems as other retailers in the home furnishings sector, such as a decline in sales and excess inventory that needs to be sold off. But, he said, the company was also hurt by an attempt to overhaul its supply chain during the pandemic, which led to understocked store shelves, as well as a failed shift from popular national brands to private labels created by the store. "That led to further defection of customers from Bed Bath & Beyond and further pressure on their sales trends," Basham told NPR. In 2019, the retailer hired former Target executive Mark Tritton as CEO. Part of his plan to rehabilitate the company was to sell merchandise on private labels specific to Bed Bath & Beyond like Target does, but the idea didn't catch on in the same way. "At Target, there are a lot of consumables and other things [customers] went to the store for, and they came to like and enjoy the private label brands they saw," Basham said. "You didn't have that draw at Bed Bath & Beyond." Tritton left the company in June. Though Bed Bath & Beyond got a boost early in the pandemic when many people were spending more time at home, the gains didn't last, and earnings have continued to drop. The company said this week that it had net sales of about $1.45 billion in the second quarter of this fiscal year – a roughly 26% drop from the same period last year. Director and interim CEO Sue Gove said Bed Bath & Beyond, after taking a "thorough look at our business," is now making some major changes. The company is expecting an infusion of outside financing from J.P. Morgan and the investment firm Sixth Street Partners. It's bringing back some beloved national brands, the company said, and it will try to reengage with customers through its loyalty program. COPYRIGHT© 1999-2022, SIMON PROPERTY GROUP, L.P. ALL RIGHTS RESERVED. Stacey Shively, general mechandise manager for home, talks abut the bath area in the press walk-through Tuesday. NEW YORK — “This store is the manifestation of our transformation,” is how Bed Bath & Beyond CEO Mark Tritton put it as the retailer got ready to reopen its flagship Chelsea store in Manhattan tomorrow. The two-story, 93,000-square-foot location, barely recognizable from its previous 30-year run as the chain’s single largest outlet, has been totally transformed to reflect the retailer’s new strategy: less clutter, more private label brands, better in-store presentation and sightlines and a fuller embrace of omnichannel integration tactics. Tritton, joined by a team of executives from the company — all symbolically and certainly not coincidentally attired in the company’s signature blue — toured the store on Tuesday for the press in advance of its debut to the public on Thursday. The store, which when it opened 30 years ago marked a dramatic step for what was then a rapidly expanding company that had only recently gone public, has been closed since December. It is one of about 30 locations in the chain that have been remodeled, part of a process that will see 450 units redone in varying degrees over a three-year period. The Chelsea store, on Sixth Avenue and 18th Street and located in what was once one of the city’s grand department store buildings of the early 20th century, has been downsized by about 14% in space but more importantly some 44% in skus on the selling floor. That is immediately apparent as you enter the store through a very wide aisle that opens up to an expanse of low fixtures organized by product classifications, bold signage, high ceilings, bright lights and creative displays. Tritton described the store vibe as “residential. You’re shopping for ideas not products.” The store, generally believed to be the largest in not only size but sales, is a critical step in the company’s reinvention. And in keeping with the general reopening surge in Manhattan, the BBB timing is in sync. “NYC is open & so are we!” said it all on window posters just before the grand reopening. Warren Shoulberg has reported on the gift and home industry for most of his career. He is often quoted in national media, such as The New York Times and CNN, and contributes to PBM publications, Forbes.com and The Robin Report. What are the sister stores to Bed Bath and Beyond?also owns a ton of other stores that you probably shop at. These stores include Cost Plus World Market, buybuy BABY, Christmas Tree Shops, Harmon Stores, Of a Kind, and One Kings Lane.
Can you return at Bed Bath and Beyond without receipt?If we're not able to track down your receipt, you still may be able to return or exchange new and unopened items without a receipt. These items may be accepted for exchange or a refund in the form a Merchandise Credit of the current selling price less 20% (we assume customers make the most of our famous blue coupons).
Who is CEO of Bed Bath and Beyond?Sue E. Gove (Jun 23, 2022–)
How do I cancel my Bed Bath and Beyond membership?Sign into your Bed Bath & Beyond Account. On the Account Overview page, scroll down until you see BEYOND+ or click BEYOND+ under Savings on the left side of the screen. From the My Account Overview page, select Manage Membership. Click 'Do not auto-renew my BEYOND+ membership'.
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