Bed Bath & Beyond appoints interim CEO Sue Gove to the position permanently
A person exits a Bed Bath & Beyond store in New York City, June 29, 2022. Bed Bath & Beyond said Wednesday that it has appointed interim Sue Gove to the position permanently. The home goods retailer is in the middle of a turnaround effort as it seeks to win back customers and grow sales with the key holiday season ahead. Gove was named interim CEO this summer after the company's board pushed out former CEO Mark Tritton. Please check back for updates.
cnbc.comBed Bath & Beyond names interim CFO, but struggles remain
Bed Bath & Beyond has named Chief Accounting Officer Laura Crossen as interim chief financial officer to replace Gustavo Arnal, whose death late last week adds to a cloud of financial uncertainty for the company and further complicates its plans for a turnaround.
Bed Bath & Beyond recalling lounge chairs over fall hazard
Bed Bath & Beyond is recalling more than 5,000 lounge chairs due to a fall hazard. According to the recall, there have been 19 reports of the “SALT Lounge Chair” collapsing and four injuries. This recall involves:SALT Lounge Chairs sold in gray with SKU 69476172/UPC 444800007102;SALT Lounge Chairs sold in Black with SKU 69476173/UPC 444800002947. The chairs consist of a metal tube frame and a fabric seat cushion. Consumers who have purchase the item can return it to Bed Bath & Beyond for a full refund.
Bed Bath & Beyond closing stores, cruises prepare to sail
________________________RETAIL: Bed Bath & Beyond plans to close about 200 stores over the next two years as its sales slid in the first quarter. The Buckle is seeing improving sales as more of its stores reopen. The sporting goods retailer's same-store sales dropped 28.2% in the first half of the second quarter with stores shuttered, according to preliminary data. However, the metric climbed 15.5% in the second half of the quarter as stores began reopening. Greek authorities say they are ready to reimpose public and travel restrictions next week, warning that safety guidance for COVID-19 is being frequently ignored.
Businesses in survival mode raise cash; commodities take off
This artist rendering released by Live Nation shows the set up for Live Nation's Live from the Drive-In, concert series taking place July 10-12. The Fed is using its tools to help, but most of the cash is being raised in the private sector. American Airlines will try to raise $3.5 billion to offset the cash its burning through with airports still largely empty. TripAdvisor said Monday that it had $693 million of cash and cash equivalents at the end of last month, down $105 million from the end of March. Two commodities monitored closely because they can indicate activity in construction copper and lumber are up 10% and 15% over the past month, respectively.
Global tourism upended; worst-case earnings scenario dodged
(AP Photo/Matt Dunham)The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to national and global response, the work place and the spread of the virus. ________________________SUPPLY DEMANDED: The virus has upended supply chains and shut stores that would typically furnish goods and services. EARNINGS SEASON: The worst was expected this season and must Wall Street analysts believe the majority of companies at least dodged that. The Buckle, which closed all of its stores on March 18, reported a loss of $11.8 million, and sales slumped 42.7%.
Bed Bath & Beyond's stock soars with new CEO
Getty Images(CNN) - Bed Bath & Beyond is in serious trouble. Bed Bath & Beyond's decision to seek out a new leader from a top competitor won Wall Street's support. Bed Bath & Beyond's stock was 22% higher its best day since March. Bed Bath & Beyond complied in May when former CEO Steven Temares left the company and overhauled its board of directors. "Creating change at of Bed Bath & Beyond will not be easy," he said.
Bed Bath & Beyond closing 20 more stores
Kevork Djansezian/Getty Images(CNN) - Bed Bath & Beyond will close more stores than it originally planned. Forty of the closing stores are Bed Bath & Beyond locations and the other 20 will be stores from its other brands. Bed Bath & Beyond's stock has also plummeted and same-store sales have also fallen two years in a row. The group wants Bed Bath & Beyond to trim its product selection and beef up the in-store experience to drive traffic back to stores. It also opened 21 "lab" stores that sell more home decor, food, and heath and beauty care than traditional stores.
Analysts: Bed Bath & Beyond is 'running out of time'
Bed Bath & Beyond reported sales at stores open at least a year sank 6.6% during its most recent quarter. Bed Bath & Beyond lost money last quarter, too. Bed Bath & Beyond's stock has lost around 90% of its value over the past five years and is on the verge of slipping below $10 a share. Bed Bath & Beyond is also under pressure from discounters TJ Maxx and its HomeGoods arm. Bed Bath & Beyond is shuttering at least 40 Bed Bath stores this year and said Wednesday that it will likely close more.