![]() ![]() Please join us in respecting the family's privacy." "Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him," said Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company. "I wish to extend our sincerest condolences to Gustavo's family. Shares of the retailer ended the day down 19.8% at $9.71.Bed Bath and Beyond released a statement on Sunday saying, will ease the pressure on the company, allowing it to continue trading," said Neil Saunders, GlobalData's managing director. ![]() ![]() "We are broadly satisfied that the measures announced today. The company also estimates that comparable-store sales will drop 20% this year as it works through its transformation. To improve its finances, the retailer said it would cut back on selling, general and administrative expenses by $250 million this year versus last year and rein in capital spending. "They are running out of cash and desperately need to raise cash just to keep the business going," said Jim Dixon, equity sales trader at Mirabaud. The retailer also said it expanded an existing loan and received a new $375 million "first-in-last-out" loan, and would launch a stock offering of up to 12 million shares.Īrnal said that 50 to 60 stores will be closed in a "first wave" heading into the balance of Bed Bath & Beyond's fiscal year, which ends in February. ![]() "While there is much work ahead, our road map is clear and we're confident that the significant changes we've announced today will have a positive impact on our performance'" she said on a conference call. On Wednesday, Gove said the retailer was "continuing to see significant positive momentum" and intended to build its "deep heritage as a retailer." The company hired Sue Gove, an independent board director, to replace him on an interim basis. "As we have managed through our cash burn, we have seen changes in vendors we manage," said Chief Financial Officer Gustavo Arnal, adding that the company is managing the situation "one by one."įirst-quarter sales plunged 25% and it lost $358 million, leading to the firing of its Chief Executive Officer Mark Tritton in June. Suppliers will ask for more money up front or stop shipping goods if they believe retailers can no longer pay them. Top brass tried to reassure analysts that vendors were still supporting the company, a key indication of its long-term financial prospects. Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. The chain is now ditching that strategy, nixing three of its private label brands, and reprioritizing national brands with labels including Calphalon, Ugg, Dyson and Cuisinart underpinning that strategy, executives said on a conference call.Įxecutives said Bed Bath & Beyond is cutting about 20% of its corporate and supply chain workforce, and eliminating its chief operating officer and chief stores officer roles. Once known for providing many shoppers with 20%-off coupons, Bed Bath & Beyond revamped its merchandise in recent years to focus on private-label products including its Our Table brand cookware. "Usually, meme stocks require an exponential growth in inflows to keep rallying in a bear market environment," the firm said in a research note published on Wednesday. Given its current predicament, VandaTrack, which tracks retail buying of shares, said it expected retail investors' interest in Bed, Bath & Beyond would fade, but found that some investors have not given up completely on the shares. The efforts to sell buybuy Baby had been encouraged by GameStop Corp (GME.N) Chairman Ryan Cohen, the company's biggest investor until this month when he sold out of his 9.8% stake, sending shares plummeting.Ĭohen's exit followed a 300% rise in value of its stock amid a speculative rally in meme stocks, a popular reference to shares traded by investors mostly based on hype in social media rather than their economic fundamentals. #Bedbath and beyond contact number california for freeRegister now for FREE unlimited access to Registerīed Bath & Beyond forecast a bigger-than-expected 26% slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale. ![]()
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