Bed Bath & Beyond’s Restructuring Efforts Failing
Bed Bath & Beyond’s latest restructuring efforts are sadly failing. As you know Bed, Bath & Beyond announced store closing last year and they also revamped their entire coupon and reward program. Funny enough a story about how their current efforts to remain relevant are failing came across my feed after I posted about being in a store that was looking rather sad. I stopped into my favorite location recently (it’s been a while since I’ve been to that store) to see what kind of fun foodie items and beauty they had. And the store was a tomb! They took out all the International food section, the beauty section was pretty sparse, and everything else was looking like they were either moving or closing up shop. I have a feeling after January they’ll be gone.
At the moment Bed Bath & Beyond is coming up woefully short in a debt exchange designed to give the company some financial breathing room. The company said that it would extend its debt exchange offer to December 19 from December 5.
According to reports Bed Bath & Beyond reported $168 million in losses due to the economic slowdown and inventory issues. We all have to remember Amazon also, contributes to much of the loss of brick-and-mortar stores like Bed Bath & Beyond. Bed Bath & Beyond has some harsh waters to navigate if they plan to remain relevant in the current economy. I’m not sure they’ll make it out alive.
I wish them well.
How is your store(s) doing?