Bed Bath & Beyond to shutter down 60 stores

Bed Bath & Beyond to shutter down 60 stores

Bed Bath & Beyond to shutter down 60 stores

One of the most popular retail ventures, the Bed Bath and Beyond is about to close its 60 stores across the company which is 20 more than estimated.

Bed Bath and Beyond is an American chain of domestic merchandise store which operates in the US, Puerto Rico, Canada, and Mexico. It is one of the old domestic merchandise store started back in 1971.

It is facing such a downfall due to various reasons. Activist investors that purchases a large number of a public company shares and tries to be on the company’s board targeted Bed Bath and Beyond earlier this year.

Although the company agreed to make changes to its board of directors and management team after becoming target by activist investors.

Bed Bath and Beyond said that it earned more than the predictions of analysts. BBBY earned 34 cents a share on revenue of $2.72 billion in latest quarters. Analysts were predicting 31 cents and $2.76 billion.

The same-store sales fell by 6.7 % in latest quarter which harmed a Bed Bath and Beyond a lot.

In May 2019, Steven Temares, stepped down as a result of activist investors strong demand of changes at the retailer.  Bed Bath and Beyond stated that it will make an announcement of new permanent CEO very soon as it has made substantial progress toward identifying a new CEO.

Bed Bath and Beyond is trying hard to get out of the excess inventory and chaotic discounting and stores.

Due to these downfall, investors are wondering about its future. Bed Bath and beyond’s stocks fallen 28% in past year, with a market value $1.2 billion.

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