Struggling retailer Bed Bath & Beyond grapples with keeping shelves stocked ahead of Black Friday
- Bed Bath & Beyond is grappling with low inventory issue and unpaid invoices to suppliers.
- The home goods retailer has struggled with executive departures, store closures, staff reductions.
Once a leading home goods retailer, Bed Bath & Beyond is now in a fight for its life as the company grapples with low inventory issues going into Black Friday and unpaid invoices to suppliers.
Over 40% of the retailer's inventory was out of stock in October, The Wall Street Journal reported on Thursday. WSJ also reported that the company has yet to catch up on overdue payments to suppliers, with invoices dating as far back as January.
Bed Bath & Beyond's trouble dates back to at least November 2019, when former Target CMO Mark Tritton took over for interim CEO Mary Winston. Under Tritton, the company reduced its name-brand goods with its own private-label brands, which failed due to supply chain issues and lagging customer interest.
After Tritton was ousted as CEO in June 2022, other executives exited the company as well, including Bed Bath & Beyond's chief operating officer, chief stores officer, and chief merchandising officer. (Its chief financial officer died in September.)
The company announced in August it would close an estimated 150 stories and slash 20% of its corporate staff. On the product front, Bed Bath & Beyond announced it would also discontinue several of its private-level brands, reduce the assortment of others, and adde back more goods from national brands like OXO and Calphalon.
Whether Bed Bath & Beyond successfully pulls off that rare corporate turnaround remains to be seen, but there's little doubt this holiday season will be a pivotal one for the company that many shoppers once considered a go-to destination for their shopping list.
- I'm a 56-year-old IT worker who got laid off last year and have been unemployed ever since. I have a hunch I'm not finding work due to ageism. How do I prove it?
- Live your life American Express’ Platinum way: Exceptional privileges, rewards and experiences
- Germany relaxes Schengen visa rules for Indians
- WhatsApp rolls out contact cards sharing on Windows beta
- FIFA WC: Lionel Messi doing well, says Argentina manager Scaloni amid injury concerns
- ADB, Wabag sign USD 25 mn debt facility for sanitation, water security in India
- RBI pauses onboarding of online merchants by Paytm Payments Services; firm says no material impact on biz
- Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says
- Tata Aviation
- Visa Platinum Prepaid Card
- Interest Rate on Deposits
- Uniparts IPO
- Air India crew guidelines
- Mukesh Ambani
- tata Consumer
- Asus new Desktop
- Sandhya Devanathans
- Best Companies for Work
- India's Richest People
- Small Cap Companies
- India Pharma
- Tata Tiago cng vs Alto k10 cng
- Top 10 Colleges in India
- Top 10 Airlines in World