Bed Bath & Beyond, the home goods retailer with stores in Fresno and Visalia, has one foot in the grave and may be at risk of being pulled six feet under, a former industry CEO has warned.
The retailer has seen its same-store sales crash 27% in the most recent quarter as shoppers pulled back on discretionary purchases. Shoppers have also continued to shun the retailer’s misguided move to scale back on its popular coupons.
“Bed Bath & Beyond is in a world of hurt because they have burned an enormous amount of available cash, their business has no forward momentum, and now as we all know they have an enormous leadership gap that they will have to fill,” Mark Cohen, Columbia University professor of retail studies and former long-time CEO of Sears Canada, said on Yahoo.
The company recently fired its well-regarded CEO, Mark Tritton, who had joined Bed Bath & Beyond in 2019 after a successful stint as Target’s chief merchandiser.
The story is so bad that Wall Street is questioning whether the company survives.
“We are looking at a situation in which this company is probably not going to be around,” Loop Capital analyst Anthony Chukumba said on Yahoo Finance Live. “It’s not going to take years. We could be talking about months at this point. We are in the end days. These results were a dumpster fire, there is no other way to put it.”
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