Even Grossfeld, a devoted fan as a former employee, struggled to shop at Bed Bath & Beyond. In the following quarter, sales dropped even further. A future unravelsįor the quarter ending just after Black Friday 2022, the company's losses widened by 42% and sales dipped by a third. Then, just as suddenly, Cohen sold his entire stake. His fans on Reddit and YouTube pumped up the stock. Cohen last year bought a stake in the company, advocating the sale of BuyBuy Baby. ![]() This conviction was also shared by followers of activist investor Ryan Cohen of Chewy and GameStop fame. The move benefits shareholders, and companies sometimes do it when they believe their shares are undervalued. Soon, Tritton and other leaders were out - but not before Bed Bath & Beyond spent $1 billion to buy back its own stock. Just when stuck-at-home shoppers wanted all of what Bed Bath & Beyond normally sells, top items like KitchenAid mixers went missing from its shelves. The timing proved disastrous, coinciding with the pandemic supply-chain scramble. That year, in 2019, a push by activist investors forced out the longtime chief executive and the company's founders who had remained on the board.īed Bath & Beyond attempted a pandemic-era turnaround that phased out floor-to-ceiling packed shelves and replaced big brands with private store brands. "There were a lot of things that we were trying to be that we weren't." Turnarounds fail to turn things around "We really were going through a kind of an crisis of trying to compete with our ever-growing competitors," said Grossfeld, who left Bed Bath & Beyond in 2019. One of its founders later acknowledged to The Wall Street Journal that the chain " missed the boat on the internet." It whipped up a dizzying website, but as recently as 2019, ran ads promoting " offline shopping" as its heart remained in stores, with their stacks of cookware, walls of trash cans and piles of pillows. "The next thing you know, we were carrying diamond jewelry like Costco does."īed Bath & Beyond seemed equally indecisive about its online presence. We need to be the destination with everything,'" she recalled. "The next conversation would be 'we need to be more competitive with Amazon. the destination for home, more upscale, home decor, more furniture,' " Amy Laskin, a former Bed Bath & Beyond content marketing executive, told NPR. "I would go into one meeting and it would be 'we need to be. As recently as 2018, the chain had more than 1,500 stores.Ī sign advertises jewelry, furniture and appliances at Bed Bath & Beyond in Los Angeles in 2013. It outlived its main rival Linens 'n Things, later buying BuyBuy Baby, the World Market and online retailer One Kings Lane. Launched in 1971 with two towels-and-bedding stores in New Jersey, Bed Bath & Beyond grew even through the Great Recession. For months, the chain has been losing both money and shoppers, struggling to restock shelves as suppliers and banks cut off its tab.īeneath the chaos, the home goods giant has faced a fundamental question: In a world that shops online, swarmed by competitors, where does it fit in? A cultural icon is born Soon after, that store indeed shuttered.īed Bath & Beyond enters bankruptcy distraught and turbulent, after several misfired turnarounds, abrupt leadership shakeups, a rise and crash as a meme stock, store closures, job cuts and numerous last-gasp financing deals. One Kings Lane is the specialist, and with their expert design services in luxury furniture and home, dcor helps their customers to live their style and create a home that genuinely enhances their life. ![]() "I remember thinking it feels like the last days of Sears in here," said Daniel Callahan from Louisville, Ky., about a visit to once-beloved Bed Bath & Beyond a few months ago. 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