Bed Bath & Beyond CEO Resigns as 2022 Sales Plummet

Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.
Bed Bath & Beyond CEO , Resigns as 2022 Sales Plummet.
CNN reports that Bed Bath & Beyond
CEO Mark Tritton will step down after only
three years of leading the faltering retailer.
CNN reports that Bed Bath & Beyond
CEO Mark Tritton will step down after only
three years of leading the faltering retailer.
On June 28, the company announced
a major change to its leadership while also
reporting significantly low 2022 earnings.
Sue Grove, an independent director
on the company's board, has been tapped
to serve as Bed Bath & Beyond's interim CEO. .
We must deliver improved results.
Top-tier execution, careful management
of costs, greater supply chain reliability,
prudent capital spending, a stronger balance
sheet, and robust digital capabilities
will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.
We must deliver improved results.
Top-tier execution, careful management
of costs, greater supply chain reliability,
prudent capital spending, a stronger balance
sheet, and robust digital capabilities
will all be important to our success, Sue Grove, Bed Bath & Beyond interim CEO, via CNN.
The same day, Bed Bath & Beyond
reported lower-than-expected
earnings over the past quarter.
Sales had declined a significant 27%
compared to the same time in 2021.
The announcement sent
the company's stock tumbling
as much as 20% in early trading.
The drop brings stock
in Bed Bath & Beyond
down about 65% for 2022.
According to analysts with Bank of America, Bed Bath & Beyond has reduced labor hours, scaled back utilities, cut operating hours and canceled remodeling projects. .
Analysts now expect that the company will
soon announce more store closures and cancel
openings of its planned Buy Buy Baby stores