Bed Bath & Beyond Inc. is reviewing the future of its other store brands as it shapes a turnaround plan.
As of June 1, the company had roughly 1,500 stores, comprising nearly 1,000 Bed Bath & Beyond units across all 50 states, the District of Columbia, Puerto Rico and Canada. The company also operates nearly 300 stores under the Cost Plus, World Market and related banners, plus many additional stores under the BuyBuy Baby, Christmas Tree Shops and other brand names.
"Bed Bath & Beyond is an iconic brand with tremendous opportunity, and we recognize that there needs to be a fundamental change in our approach to executing the company's business transformation,” said recently appointed interim CEO Mary A. Winston, in a statement issued as part of the retailer’s fiscal 2019 first-quarter results. “We have set four key near-term priorities that include stabilizing and driving top-line growth; resetting the cost structure; reviewing and optimizing the company's asset base, including our portfolio of retail banners; and refining our organization structure.”
“Bed Bath & Beyond is an iconic brand with tremendous opportunity, and we recognize that there needs to be a fundamental change in our approach to executing the company's business transformation”
Winston replaced former CEO Steven H. Temares, who stepped down in May.
“The board and management team are aligned on these priorities, and we are committed to completing a deep review of the business to prioritize and drive forward the most meaningful initiatives to improve performance,” Winston said in the prepared statement. “As we execute against these near-term priorities, our focus will remain on delighting our customers and delivering long-term value for our shareholders."
By Edmund Mander