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Bed Bath & Beyond

April 14, 2023

"Bed, Bath & Beyond" redirects here. For the Will & Grace episode, see Bed, Bath & Beyond (Will & Grace).

Bed Bath & Beyond Inc. is an American chain of domestic merchandise retail stores. The chain operates stores in the United States, Canada, Mexico, and Puerto Rico.[3]

Bed Bath & Beyond Inc.
FormerlyBed 'n Bath (1971–1987)
TypePublic company
IndustryRetail
Founded1971; 52 years ago (1971)
Springfield, New Jersey, U.S.
Founders
  • Warren Eisenberg
  • Leonard Feinstein
Headquarters
Union, New Jersey
,
U.S.
Number of locations
537 (2023)
Areas served
  • United States
  • Mexico
  • Canada
  • Puerto Rico
Key people
  • Harriet Edelman (Chair)
  • Sue Gove (CEO)[1]
ProductsBedding, bath, home furnishings, decor, housewares, kitchen appliances, and curtains
Revenue US$7.87 billion (2022)
US$-408 million (2022)
US$-560 million (2022)
Total assets US$5.13 billion (2022)
Total equity US$174 million (2022)
Number of employees
32,000 (February 26, 2022)
SubsidiariesSee § Subsidiaries
Websitebedbathandbeyond.com
Footnotes / references
Financials as of February 26, 2022.[2]
Bed Bath & Beyond in Saugus, Massachusetts, in October 2011. This location closed in February 2021 as part of a plan to close 43 stores.
Bed Bath & Beyond in Markham, Ontario, in August 2018

Bed Bath & Beyond was founded in 1971. It is counted among the Fortune 500 and the Forbes Global 2000.[4][5]

History

Warren Eisenberg and Leonard Feinstein worked in management positions at discount store chain Arlan's. As the company suffered financial difficulties, and the two believed that the market would shift toward specialty stores, they decided to leave and form their own company.[6] In 1971, they opened a store in Springfield, New Jersey, called Bed 'n Bath. By 1985, Eisenberg and Feinstein were operating 17 stores in the New York metropolitan area and California. Also in 1985, the first superstore was opened, as an attempt to remain competitive with Linens 'n Things, Pacific Linen, and Luxury Linens. In order to properly represent the size increase in its retail stores, the company changed its name to Bed Bath & Beyond in 1987. The company adopted integrated computer-based inventory management systems in 1993 to better compete with Linens ‘n Things, which had utilized computer inventory management since the late 1980s.[7]

By 1991, Bed Bath & Beyond had opened seven new superstores in New Jersey, California, Virginia, Illinois, Maryland, and Florida. By 2011, Bed Bath & Beyond had 1,142 stores.[8]

The company went public in June 1992, making its IPO on the NASDAQ stock exchange, where its stock continues to trade under ticker symbol BBBY.[9] Bed Bath & Beyond first reached $1 billion in annual sales in 1999.[7]

In March 2019, three activist investment firms—Legion Partners, Macellum Advisors, and Ancora Advisors—announced their intent to remove current CEO Steven Temares and restructure Bed Bath & Beyond's current board of directors.[10] The activist investors highlighted several instances of perceived nepotism, including the acquisition of Buy Buy Baby, which was founded by two of Bed Bath & Beyond co-founder Leonard Feinstein's children, and the acquisition of Chef Central, which was created by co-founder Warren Eisenberg's son, as examples of poor business practices at Bed Bath & Beyond.[11] This pressure led five independent directors to step down on April 22, 2019, and also resulted in the company restructuring its board to include only 10 directors instead of the previous 12 members.[12]

On April 13, 2019, there was a report that the chain would close 40 stores but open 15 new locations.[3]

On May 13, 2019, Bed Bath & Beyond announced that CEO Steven Temares would step down "effectively immediately" and would resign his seat on the board of directors. Mary Winston, who had been appointed to the company's board as a result of the activist investment firms' efforts, replaced Temares as interim CEO.[13][14] On November 4, 2019, Mark Tritton, who was previously Target's chief merchandising officer, started as Bed Bath & Beyond's CEO.[15]

The company, which had for decades used coupon mailers and other promotional discounting tactics to attract consumers, announced in April 2019 that it would reduce its use of promotional coupons and tighten restrictions on their use. To combat declining profitability, Bed Bath & Beyond also announced it was creating private-label brands and opening "lab stores" that focused on home decor, food and drink, and health and beauty products.[16]

As of 2019, Bed Bath & Beyond operated approximately 1,530 stores in all 50 U.S. states, as well as in the District of Columbia, Puerto Rico, and Canada. In addition to more than 1,020 Bed Bath & Beyond stores, the company also operated approximately 280 Cost Plus World Markets, 100 Buybuy Baby stores, roughly 80 Christmas Tree Shops (and related brands), and more than 50 Harmon stores.[17]

Due to the COVID-19 pandemic, the company announced it would close more than 200 stores, about 21%, over two years.[18]

In January 2021, Bed Bath & Beyond announced that they would stop selling MyPillow, citing poor sales.[19] The announcement came in the wake of the January 6 United States Capitol attack and MyPillow CEO Mike Lindell's conspiracy theories and efforts to overturn the 2020 presidential election, and amidst similar announcements by Kohl's and Wayfair.[20]

In March 2022, former CEO of Chewy, Ryan Cohen, sent an open letter, as part of a Schedule 13D filing, to the Board of Directors calling for Buy Buy Baby to be sold or spun off at a favorable valuation.[21][22] Subsequently, Bed Bath & Beyond reached a deal to give Ryan Cohen three board seats in exchange for his cooperation and the creation of a committee to execute his proposed plan.[23]

On June 29, 2022, significant changes to executive leadership were announced by Bed Bath & Beyond Inc. Mark Tritton left his role as president and chief executive officer and as a member of the Board, and was replaced by Sue Gove.[24]

In July 2022, FCM BBBY Holdings, LLC, managed by Jake Freeman, also sent an open letter, as part of a Schedule 13G filing, asking the board of directors to consider their proposed plan to reduce Bed Bath & Beyond's debt and improve liquidity through a convertible bond issuance.[25]

In August 2022, the company announced the closure of 150 under performing stores[26] and the reduction of its corporate and supply chain staff by about 20%.[27]

On September 2, 2022, Bed Bath & Beyond chief financial officer Gustavo Arnal committed suicide by jumping from his balcony on the 18th floor at 56 Leonard Street—commonly known as the "Jenga Building". Arnal was one of the targets of a class action with regard to Bed Bath & Beyond's stock becoming a pump and dump scheme.[28][29][30]

On October 26, 2022, Bed Bath & Beyond Inc. announced Sue Gove was voted unanimously by the board of directors and would remain as the CEO.

The company opened 2023 by warning to investors that it may not survive the year. On January 5, shares of the company plunged almost 30% on the stock market, and the company announced it had "substantial doubt" in being able to continue to operate as a business.[31][32][33] Wall Street analysts predicted that the company, as soon as the weekend of January 7–8, would file for Chapter 11 bankruptcy.[34][35] On January 9, the company hired AlixPartners as its new restructuring adviser.[36] On January 26, the company announced some banks had cut its line of credit.[37] On January 27, it was revealed that the company would be permanently closing all of its 52 Harmon brand stores in an attempt to conserve cash.[38] On February 10, 2023, it was revealed the company intends to cease its Canadian division, closing all stores. According to court documents, the business does not have the "capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support".[39] On March 30, 2023, Bed Bath & Beyond announced that if it was unable to sell $300 million in stock, the company could likely file for Chapter 11 bankruptcy.[40]

Headquarters

The company's headquarters in Union, New Jersey, are located along the 7.3-mile main line of the abandoned Rahway Valley Railroad.

Competition

Since the liquidation of Linens 'n Things in 2008, Bed Bath and Beyond has had several major retail competitors, including Walmart, Target, and JCPenney. Companies such as Crate & Barrel, IKEA, HomeGoods, and the numerous Williams Sonoma companies like Pottery Barn and West Elm are competitors as well.[citation needed]

Subsidiaries

Current

Other subsidiaries

  • Bed Bath & Beyond Mexico – a joint venture with Home & More to operate four stores in Mexico under the name "Bed Bath & Beyond"[42]
  • Bed Bath & Beyond Invitations – an online wedding invitation venture[citation needed]

Former

  • Bed Bath & Beyond Canada L.P. (2007-2023) Opened in 2007 in Ontario, Canada and closed in February 2023 [43][44] - 53 stores across Canada in nine provinces (none in Quebec, due to restrictive language laws)[45]
  • Christmas Tree Shops (2003–2020) – acquired in 2003 and sold in 2020 for an undisclosed amount to Handil Holdings LLC[46]
  • Cost Plus, Inc. (2012–2021) – acquired in May 2012 for $495 million, operates Cost Plus World Market and World Market; sold in February 2021 to Front Burner LP[47][48]
  • Linen Holdings (2012–2020) – acquired in June 2012 for $105 million and sold in 2020 to The Linen Group LLC[49]
  • Of A Kind (2015–2019) – acquired in August 2015 for an undisclosed amount and closed in October 2019[50][51]
  • One Kings Lane (2016–2020) – acquired in June 2016 for an undisclosed amount, sold in 2020 to CSC Generation[52][53]
  • Harmon Stores (2002–2023) – acquired in March 2002 for an undisclosed amount and closed in January 2023[54][38]

References

  1. ^ "Bed Bath & Beyond Inc. Appoints Sue Gove President & Chief Executive Officer" (Press release). Bed Bath & Beyond Inc. October 26, 2022. from the original on October 27, 2022. Retrieved December 20, 2022.
  2. ^ "Bed Bath & Beyond Inc. Fiscal 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. April 21, 2022. from the original on January 6, 2023. Retrieved February 5, 2023.
  3. ^ a b Wattles, Jackie (April 13, 2019). "Bed Bath & Beyond to close 40 stores". CNN. from the original on November 30, 2020. Retrieved June 27, 2019.
  4. ^ "Bed Bath & Beyond". Fortune. from the original on December 31, 2019. Retrieved February 28, 2018.
  5. ^ "Bed Bath & Beyond on the Forbes Global 2000 List". Forbes. from the original on January 29, 2021. Retrieved February 28, 2018.
  6. ^ "The rise and fall of Bed Bath & Beyond, one of America's most iconic big box retailers". Business Insider India. Times Internet Limited. from the original on February 27, 2020. Retrieved February 27, 2020.
  7. ^ a b "History of Bed Bath & Beyond Inc". FundingUniverse. from the original on October 29, 2013. Retrieved October 27, 2013.
  8. ^ Modrow, William M. (July 2003). "Business & Company Resource Center2003381Business & Company Resource Center. Farmington Hills, MI: The Gale Group Contact Gale for pricing URL: www.galegroup.com Last visited April 2003". Reference Reviews. 17 (7): 28–29. doi:10.1108/09504120310497915. ISSN 0950-4125. from the original on February 10, 2021. Retrieved October 31, 2021.
  9. ^ History of Bed Bath & Beyond Inc. International Directory of Company Histories. Vol. 41. St. James Press. 2001. from the original on March 1, 2019. Retrieved February 25, 2019 – via Funding Universe.
  10. ^ Gomez, Amanda (March 26, 2019). "New brooms". Reuters BreakingViews. from the original on May 1, 2019. Retrieved May 1, 2019.
  11. ^ Verdon, Joan (April 30, 2019). "Bed Bath & Beyond's Family Ties Under Attack: Nepotism Or Good Deals?". Forbes. from the original on May 1, 2019. Retrieved May 1, 2019.
  12. ^ Chin, Kimberly (April 22, 2019). "Bed Bath & Beyond Overhauls Board Amid Activist Pressure". Wall Street Journal. ISSN 0099-9660. from the original on May 1, 2019. Retrieved May 1, 2019.
  13. ^ Thomas, Lauren (May 13, 2019). "Bed Bath & Beyond CEO Steven Temares steps down 'immediately' and resigns from board". CNBC. from the original on May 13, 2019. Retrieved May 14, 2019.
  14. ^ Maidenberg, Micah (May 13, 2019). "Bed Bath & Beyond Chief Executive Steps Down". Wall Street Journal. ISSN 0099-9660. from the original on May 13, 2019. Retrieved May 14, 2019.
  15. ^ Meyersohn, Nathaniel (December 17, 2019). "Bed Bath & Beyond's new CEO just laid off nearly his entire C-Suite". cnn.com. CNN. from the original on December 17, 2019. Retrieved December 17, 2019.
  16. ^ Bhattarai, Abha (April 26, 2019). "Your love of Bed Bath & Beyond coupons could be killing the retailer". The Washington Post. from the original on May 1, 2019. Retrieved May 1, 2019.
  17. ^ "Bed Bath & Beyond Inc (BBBY.O)". Reuters. from the original on May 1, 2019. Retrieved May 1, 2019.
  18. ^ Tyko, Kelly (July 8, 2020). "Bed Bath & Beyond announces plans to permanently close 200 stores over next two years". USA TODAY. from the original on July 12, 2020. Retrieved July 12, 2020.
  19. ^ Ren, Henry (January 19, 2021). "My Pillow Shunned by Retailers After CEO Touts Election Fraud". Bloomberg.com. from the original on November 8, 2021. Retrieved August 18, 2022.
  20. ^ Telford, Taylor (January 19, 2021). "MyPillow CEO says Bed Bath & Beyond, Kohl's, Wayfair are dropping his products". Washington Post. Archived from the original on January 20, 2021. Retrieved August 18, 2022.
  21. ^ Stein, Sanford (March 7, 2022). "Activist Letter Sends Bed Bath & Beyond Stock Soaring". Forbes. from the original on August 4, 2022. Retrieved August 4, 2022.
  22. ^ Cohen, Ryan (March 6, 2022). "Letter To Board". Letter to Bed Bath & Beyond Inc. Retrieved August 4, 2022.
  23. ^ Repko, Melissa (March 25, 2022). "Bed Bath & Beyond shares rise after retailer strikes deal with activist investor Ryan Cohen". CNBC. from the original on August 4, 2022. Retrieved August 4, 2022.
  24. ^ "Bed Bath & Beyond Inc. Announces Executive Leadership Changes" (Press release). Bed Bath & Beyond Inc. June 29, 2022. from the original on January 10, 2023. Retrieved December 20, 2022.
  25. ^ Freeman, Jake (July 21, 2022). "FCM BBBY HOLDINGS, LLC Exhibit 1" (PDF). Securities and Exchange Commission. (PDF) from the original on August 4, 2022. Retrieved August 4, 2022.
  26. ^ Royce, Aaron (August 31, 2022). "Bed, Bath & Beyond Will Close 150 Stores: See Which Stores Have Already Shut Doors". Footwear News. from the original on September 7, 2022. Retrieved September 7, 2022.
  27. ^ Repko, Melissa (August 31, 2022). "Bed Bath & Beyond announces store closures, layoffs and new financing in push to fix struggling business". NBC News. from the original on September 7, 2022. Retrieved September 7, 2022.
  28. ^ Mollman, Steve (September 4, 2022). "Bed Bath & Beyond CFO accused of "pump and dump" scheme before falling to his death from NYC skyscraper". Fortune. from the original on September 4, 2022. Retrieved September 5, 2022.
  29. ^ Singh, Kanishka (September 5, 2022). "Death of Bed Bath & Beyond CFO ruled a suicide". The Globe and Mail. from the original on September 6, 2022. Retrieved September 6, 2022.
  30. ^ Lombardo, Cara (September 7, 2022). "Inside Bed Bath & Beyond, Concerns Over Mounting Stress for CFO". The Wall Street Journal. from the original on September 7, 2022. Retrieved September 7, 2022.
  31. ^ "Bed Bath & Beyond stock hits 52-week low, considers bankruptcy". The Global Herald. January 5, 2023. from the original on January 5, 2023. Retrieved January 5, 2023.
  32. ^ Valinsky, Jordan (January 5, 2023). "Bed Bath and Beyond says it may not survive". CNN. from the original on January 5, 2023. Retrieved January 5, 2023.
  33. ^ Bomey, Nathan (January 5, 2023). "Bed Bath & Beyond bankruptcy might be next, retailer warns". Axios. from the original on January 5, 2023. Retrieved January 5, 2023.
  34. ^ "Bed Bath & Beyond could file for bankruptcy 'as early as this weekend': MACCO CEO". Yahoo! Finance. from the original on January 5, 2023. Retrieved January 5, 2023.
  35. ^ "Bed Bath Beyond Probability Of Bankruptcy 2023". Macroaxis. from the original on January 6, 2023. Retrieved January 5, 2023.
  36. ^ Biswas, Soma (January 10, 2023). "Bed Bath & Beyond taps new restructuring adviser as bankruptcy looms". Fox Business. Fox. from the original on January 27, 2023. Retrieved January 27, 2023.
  37. ^ Kapner, Soma Biswas and Suzanne (January 26, 2023). "Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines". Wall Street Journal. ISSN 0099-9660. from the original on January 26, 2023. Retrieved January 26, 2023.
  38. ^ a b "Bed Bath & Beyond makes desperate move while teetering toward bankruptcy". Yahoo! Finance. from the original on January 27, 2023. Retrieved January 27, 2023.
  39. ^ "Bed Bath & Beyond to wind down Canada operations". Reuters. Reuters. February 10, 2023. Retrieved February 11, 2023.
  40. ^ Rizzo, Lillian. "Bed Bath & Beyond again warns of bankruptcy if new stock offering doesn't pay off". CNBC. Retrieved April 1, 2023.
  41. ^ Cianciolo, Mike (March 26, 2007). "buybuy BABY Gets Bought". The Motley Fool. from the original on October 29, 2013. Retrieved October 27, 2013.
  42. ^ "Bed Bath & Beyond Inc. Announces Joint Venture with Home & More, a Home Products Retailer in Mexico". Bed Bath & Beyond. Archived from the original on October 28, 2013. Retrieved October 27, 2013.
  43. ^ "Bed Bath & Beyond to Leave Hundreds of Thousands of Square Feet of Vacant Retail Space with Canadian Exit". February 13, 2023.
  44. ^ Bed Bath & Beyond Canada L.P. corporate profile, Bloomberg, from the original on December 20, 2016, retrieved December 13, 2016
  45. ^ "Bed Bath & Beyond won't ship to Quebec".
  46. ^ Marks, Jennifer (October 13, 2020). "Bed Bath & Beyond sells Christmas Tree Shops and hospitality operation". Home Textiles Today. from the original on January 5, 2023. Retrieved January 5, 2023.
  47. ^ Hsu, Tiffany (May 9, 2012). "Bed Bath & Beyond to Buy Cost Plus for $495 Million". Los Angeles Times. from the original on October 22, 2013. Retrieved October 27, 2013.
  48. ^ Dealbook Blog (May 9, 2012). "Bed Bath & Beyond to Buy Cost Plus". The New York Times. from the original on August 15, 2017. Retrieved October 27, 2013.
  49. ^ "Bed Bath buys Linen Holdings for $105 million". Reuters. June 1, 2012. from the original on October 29, 2013. Retrieved October 27, 2013.
  50. ^ Brooke, Aliza (August 10, 2015). "Indie Design Retailer Of a Kind Acquired by Bed Bath & Beyond". Fashionista. from the original on February 5, 2023. Retrieved February 19, 2016.
  51. ^ "Bed Bath & Beyond Shuts Indie E-Tailer Of a Kind". from the original on January 5, 2023. Retrieved January 5, 2023.
  52. ^ Kapner, Suzanne (June 14, 2016). "Bed Bath & Beyond Buys One Kings Lane for 'Not Material' Price". The Wall Street Journal. from the original on July 9, 2016. Retrieved July 6, 2016.
  53. ^ "One Kings Lane's new owner is collecting distressed home furnishing brands". Business of Home. April 22, 2020. from the original on January 5, 2023. Retrieved January 5, 2023.
  54. ^ Lillo, Andrea (March 11, 2002). "Bed Bath makes first acquisition with Harmon". Home Textiles Today. from the original on October 29, 2013. Retrieved October 27, 2013.

Further media

Videos

  • "Why Bed Bath & Beyond Is Facing Extinction". CNBC. August 1, 2019.

External links

  • Official website
  • Business data for Bed Bath & Beyond Inc.:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!

April 14, 2023
bath, beyond, bath, beyond, redirects, here, will, grace, episode, bath, beyond, will, grace, american, chain, domestic, merchandise, retail, stores, chain, operates, stores, united, states, canada, mexico, puerto, rico, formerlybed, bath, 1971, 1987, typepubl. Bed Bath amp Beyond redirects here For the Will amp Grace episode see Bed Bath amp Beyond Will amp Grace Bed Bath amp Beyond Inc is an American chain of domestic merchandise retail stores The chain operates stores in the United States Canada Mexico and Puerto Rico 3 Bed Bath amp Beyond Inc FormerlyBed n Bath 1971 1987 TypePublic companyTraded asNasdaq BBBYRussell 2000 componentIndustryRetailFounded1971 52 years ago 1971 Springfield New Jersey U S FoundersWarren EisenbergLeonard FeinsteinHeadquartersUnion New Jersey U S Number of locations537 2023 Areas servedUnited StatesMexicoCanadaPuerto RicoKey peopleHarriet Edelman Chair Sue Gove CEO 1 ProductsBedding bath home furnishings decor housewares kitchen appliances and curtainsRevenueUS 7 87 billion 2022 Operating incomeUS 408 million 2022 Net incomeUS 560 million 2022 Total assetsUS 5 13 billion 2022 Total equityUS 174 million 2022 Number of employees32 000 February 26 2022 SubsidiariesSee SubsidiariesWebsitebedbathandbeyond wbr comFootnotes referencesFinancials as of February 26 2022 update 2 Bed Bath amp Beyond in Saugus Massachusetts in October 2011 This location closed in February 2021 as part of a plan to close 43 stores Bed Bath amp Beyond in Markham Ontario in August 2018 Bed Bath amp Beyond was founded in 1971 It is counted among the Fortune 500 and the Forbes Global 2000 4 5 Contents 1 History 2 Headquarters 3 Competition 4 Subsidiaries 4 1 Current 4 2 Other subsidiaries 4 3 Former 5 References 6 Further media 7 External linksHistory EditWarren Eisenberg and Leonard Feinstein worked in management positions at discount store chain Arlan s As the company suffered financial difficulties and the two believed that the market would shift toward specialty stores they decided to leave and form their own company 6 In 1971 they opened a store in Springfield New Jersey called Bed n Bath By 1985 Eisenberg and Feinstein were operating 17 stores in the New York metropolitan area and California Also in 1985 the first superstore was opened as an attempt to remain competitive with Linens n Things Pacific Linen and Luxury Linens In order to properly represent the size increase in its retail stores the company changed its name to Bed Bath amp Beyond in 1987 The company adopted integrated computer based inventory management systems in 1993 to better compete with Linens n Things which had utilized computer inventory management since the late 1980s 7 By 1991 Bed Bath amp Beyond had opened seven new superstores in New Jersey California Virginia Illinois Maryland and Florida By 2011 Bed Bath amp Beyond had 1 142 stores 8 The company went public in June 1992 making its IPO on the NASDAQ stock exchange where its stock continues to trade under ticker symbol BBBY 9 Bed Bath amp Beyond first reached 1 billion in annual sales in 1999 7 In March 2019 three activist investment firms Legion Partners Macellum Advisors and Ancora Advisors announced their intent to remove current CEO Steven Temares and restructure Bed Bath amp Beyond s current board of directors 10 The activist investors highlighted several instances of perceived nepotism including the acquisition of Buy Buy Baby which was founded by two of Bed Bath amp Beyond co founder Leonard Feinstein s children and the acquisition of Chef Central which was created by co founder Warren Eisenberg s son as examples of poor business practices at Bed Bath amp Beyond 11 This pressure led five independent directors to step down on April 22 2019 and also resulted in the company restructuring its board to include only 10 directors instead of the previous 12 members 12 On April 13 2019 there was a report that the chain would close 40 stores but open 15 new locations 3 On May 13 2019 Bed Bath amp Beyond announced that CEO Steven Temares would step down effectively immediately and would resign his seat on the board of directors Mary Winston who had been appointed to the company s board as a result of the activist investment firms efforts replaced Temares as interim CEO 13 14 On November 4 2019 Mark Tritton who was previously Target s chief merchandising officer started as Bed Bath amp Beyond s CEO 15 The company which had for decades used coupon mailers and other promotional discounting tactics to attract consumers announced in April 2019 that it would reduce its use of promotional coupons and tighten restrictions on their use To combat declining profitability Bed Bath amp Beyond also announced it was creating private label brands and opening lab stores that focused on home decor food and drink and health and beauty products 16 As of 2019 Bed Bath amp Beyond operated approximately 1 530 stores in all 50 U S states as well as in the District of Columbia Puerto Rico and Canada In addition to more than 1 020 Bed Bath amp Beyond stores the company also operated approximately 280 Cost Plus World Markets 100 Buybuy Baby stores roughly 80 Christmas Tree Shops and related brands and more than 50 Harmon stores 17 Due to the COVID 19 pandemic the company announced it would close more than 200 stores about 21 over two years 18 In January 2021 Bed Bath amp Beyond announced that they would stop selling MyPillow citing poor sales 19 The announcement came in the wake of the January 6 United States Capitol attack and MyPillow CEO Mike Lindell s conspiracy theories and efforts to overturn the 2020 presidential election and amidst similar announcements by Kohl s and Wayfair 20 In March 2022 former CEO of Chewy Ryan Cohen sent an open letter as part of a Schedule 13D filing to the Board of Directors calling for Buy Buy Baby to be sold or spun off at a favorable valuation 21 22 Subsequently Bed Bath amp Beyond reached a deal to give Ryan Cohen three board seats in exchange for his cooperation and the creation of a committee to execute his proposed plan 23 On June 29 2022 significant changes to executive leadership were announced by Bed Bath amp Beyond Inc Mark Tritton left his role as president and chief executive officer and as a member of the Board and was replaced by Sue Gove 24 In July 2022 FCM BBBY Holdings LLC managed by Jake Freeman also sent an open letter as part of a Schedule 13G filing asking the board of directors to consider their proposed plan to reduce Bed Bath amp Beyond s debt and improve liquidity through a convertible bond issuance 25 In August 2022 the company announced the closure of 150 under performing stores 26 and the reduction of its corporate and supply chain staff by about 20 27 On September 2 2022 Bed Bath amp Beyond chief financial officer Gustavo Arnal committed suicide by jumping from his balcony on the 18th floor at 56 Leonard Street commonly known as the Jenga Building Arnal was one of the targets of a class action with regard to Bed Bath amp Beyond s stock becoming a pump and dump scheme 28 29 30 On October 26 2022 Bed Bath amp Beyond Inc announced Sue Gove was voted unanimously by the board of directors and would remain as the CEO The company opened 2023 by warning to investors that it may not survive the year On January 5 shares of the company plunged almost 30 on the stock market and the company announced it had substantial doubt in being able to continue to operate as a business 31 32 33 Wall Street analysts predicted that the company as soon as the weekend of January 7 8 would file for Chapter 11 bankruptcy 34 35 On January 9 the company hired AlixPartners as its new restructuring adviser 36 On January 26 the company announced some banks had cut its line of credit 37 On January 27 it was revealed that the company would be permanently closing all of its 52 Harmon brand stores in an attempt to conserve cash 38 On February 10 2023 it was revealed the company intends to cease its Canadian division closing all stores According to court documents the business does not have the capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support 39 On March 30 2023 Bed Bath amp Beyond announced that if it was unable to sell 300 million in stock the company could likely file for Chapter 11 bankruptcy 40 Headquarters EditThe company s headquarters in Union New Jersey are located along the 7 3 mile main line of the abandoned Rahway Valley Railroad Competition EditSince the liquidation of Linens n Things in 2008 Bed Bath and Beyond has had several major retail competitors including Walmart Target and JCPenney Companies such as Crate amp Barrel IKEA HomeGoods and the numerous Williams Sonoma companies like Pottery Barn and West Elm are competitors as well citation needed Subsidiaries EditCurrent Edit Buy Buy Baby acquired in March 2007 for 67 million 41 Other subsidiaries Edit Bed Bath amp Beyond Mexico a joint venture with Home amp More to operate four stores in Mexico under the name Bed Bath amp Beyond 42 Bed Bath amp Beyond Invitations an online wedding invitation venture citation needed Former Edit Bed Bath amp Beyond Canada L P 2007 2023 Opened in 2007 in Ontario Canada and closed in February 2023 43 44 53 stores across Canada in nine provinces none in Quebec due to restrictive language laws 45 Christmas Tree Shops 2003 2020 acquired in 2003 and sold in 2020 for an undisclosed amount to Handil Holdings LLC 46 Cost Plus Inc 2012 2021 acquired in May 2012 for 495 million operates Cost Plus World Market and World Market sold in February 2021 to Front Burner LP 47 48 Linen Holdings 2012 2020 acquired in June 2012 for 105 million and sold in 2020 to The Linen Group LLC 49 Of A Kind 2015 2019 acquired in August 2015 for an undisclosed amount and closed in October 2019 50 51 One Kings Lane 2016 2020 acquired in June 2016 for an undisclosed amount sold in 2020 to CSC Generation 52 53 Harmon Stores 2002 2023 acquired in March 2002 for an undisclosed amount and closed in January 2023 54 38 References Edit Bed Bath amp Beyond Inc Appoints Sue Gove President amp Chief Executive Officer Press release Bed Bath amp Beyond Inc October 26 2022 Archived from the original on October 27 2022 Retrieved December 20 2022 Bed Bath amp Beyond Inc Fiscal 2022 Annual Report Form 10 K U S Securities and Exchange Commission April 21 2022 Archived from the original on January 6 2023 Retrieved February 5 2023 a b Wattles Jackie April 13 2019 Bed Bath amp Beyond to close 40 stores CNN Archived from the original on November 30 2020 Retrieved June 27 2019 Bed Bath amp Beyond Fortune Archived from the original on December 31 2019 Retrieved February 28 2018 Bed Bath amp Beyond on the Forbes Global 2000 List Forbes Archived from the original on January 29 2021 Retrieved February 28 2018 The rise and fall of Bed Bath amp Beyond one of America s most iconic big box retailers Business Insider India Times Internet Limited Archived from the original on February 27 2020 Retrieved February 27 2020 a b History of Bed Bath amp Beyond Inc FundingUniverse Archived from the original on October 29 2013 Retrieved October 27 2013 Modrow William M July 2003 Business amp Company Resource Center2003381Business amp Company Resource Center Farmington Hills MI The Gale Group Contact Gale for pricing URL www galegroup com Last visited April 2003 Reference Reviews 17 7 28 29 doi 10 1108 09504120310497915 ISSN 0950 4125 Archived from the original on February 10 2021 Retrieved October 31 2021 History of Bed Bath amp Beyond Inc International Directory of Company Histories Vol 41 St James Press 2001 Archived from the original on March 1 2019 Retrieved February 25 2019 via Funding Universe Gomez Amanda March 26 2019 New brooms Reuters BreakingViews Archived from the original on May 1 2019 Retrieved May 1 2019 Verdon Joan April 30 2019 Bed Bath amp Beyond s Family Ties Under Attack Nepotism Or Good Deals Forbes Archived from the original on May 1 2019 Retrieved May 1 2019 Chin Kimberly April 22 2019 Bed Bath amp Beyond Overhauls Board Amid Activist Pressure Wall Street Journal ISSN 0099 9660 Archived from the original on May 1 2019 Retrieved May 1 2019 Thomas Lauren May 13 2019 Bed Bath amp Beyond CEO Steven Temares steps down immediately and resigns from board CNBC Archived from the original on May 13 2019 Retrieved May 14 2019 Maidenberg Micah May 13 2019 Bed Bath amp Beyond Chief Executive Steps Down Wall Street Journal ISSN 0099 9660 Archived from the original on May 13 2019 Retrieved May 14 2019 Meyersohn Nathaniel December 17 2019 Bed Bath amp Beyond s new CEO just laid off nearly his entire C Suite cnn com CNN Archived from the original on December 17 2019 Retrieved December 17 2019 Bhattarai Abha April 26 2019 Your love of Bed Bath amp Beyond coupons could be killing the retailer The Washington Post Archived from the original on May 1 2019 Retrieved May 1 2019 Bed Bath amp Beyond Inc BBBY O Reuters Archived from the original on May 1 2019 Retrieved May 1 2019 Tyko Kelly July 8 2020 Bed Bath amp Beyond announces plans to permanently close 200 stores over next two years USA TODAY Archived from the original on July 12 2020 Retrieved July 12 2020 Ren Henry January 19 2021 My Pillow Shunned by Retailers After CEO Touts Election Fraud Bloomberg com Archived from the original on November 8 2021 Retrieved August 18 2022 Telford Taylor January 19 2021 MyPillow CEO says Bed Bath amp Beyond Kohl s Wayfair are dropping his products Washington Post Archived from the original on January 20 2021 Retrieved August 18 2022 Stein Sanford March 7 2022 Activist Letter Sends Bed Bath amp Beyond Stock Soaring Forbes Archived from the original on August 4 2022 Retrieved August 4 2022 Cohen Ryan March 6 2022 Letter To Board Letter to Bed Bath amp Beyond Inc Retrieved August 4 2022 Repko Melissa March 25 2022 Bed Bath amp Beyond shares rise after retailer strikes deal with activist investor Ryan Cohen CNBC Archived from the original on August 4 2022 Retrieved August 4 2022 Bed Bath amp Beyond Inc Announces Executive Leadership Changes Press release Bed Bath amp Beyond Inc June 29 2022 Archived from the original on January 10 2023 Retrieved December 20 2022 Freeman Jake July 21 2022 FCM BBBY HOLDINGS LLC Exhibit 1 PDF Securities and Exchange Commission Archived PDF from the original on August 4 2022 Retrieved August 4 2022 Royce Aaron August 31 2022 Bed Bath amp Beyond Will Close 150 Stores See Which Stores Have Already Shut Doors Footwear News Archived from the original on September 7 2022 Retrieved September 7 2022 Repko Melissa August 31 2022 Bed Bath amp Beyond announces store closures layoffs and new financing in push to fix struggling business NBC News Archived from the original on September 7 2022 Retrieved September 7 2022 Mollman Steve September 4 2022 Bed Bath amp Beyond CFO accused of pump and dump scheme before falling to his death from NYC skyscraper Fortune Archived from the original on September 4 2022 Retrieved September 5 2022 Singh Kanishka September 5 2022 Death of Bed Bath amp Beyond CFO ruled a suicide The Globe and Mail Archived from the original on September 6 2022 Retrieved September 6 2022 Lombardo Cara September 7 2022 Inside Bed Bath amp Beyond Concerns Over Mounting Stress for CFO The Wall Street Journal Archived from the original on September 7 2022 Retrieved September 7 2022 Bed Bath amp Beyond stock hits 52 week low considers bankruptcy The Global Herald January 5 2023 Archived from the original on January 5 2023 Retrieved January 5 2023 Valinsky Jordan January 5 2023 Bed Bath and Beyond says it may not survive CNN Archived from the original on January 5 2023 Retrieved January 5 2023 Bomey Nathan January 5 2023 Bed Bath amp Beyond bankruptcy might be next retailer warns Axios Archived from the original on January 5 2023 Retrieved January 5 2023 Bed Bath amp Beyond could file for bankruptcy as early as this weekend MACCO CEO Yahoo Finance Archived from the original on January 5 2023 Retrieved January 5 2023 Bed Bath Beyond Probability Of Bankruptcy 2023 Macroaxis Archived from the original on January 6 2023 Retrieved January 5 2023 Biswas Soma January 10 2023 Bed Bath amp Beyond taps new restructuring adviser as bankruptcy looms Fox Business Fox Archived from the original on January 27 2023 Retrieved January 27 2023 Kapner Soma Biswas and Suzanne January 26 2023 Bed Bath amp Beyond Says Banks Have Cut Off Its Credit Lines Wall Street Journal ISSN 0099 9660 Archived from the original on January 26 2023 Retrieved January 26 2023 a b Bed Bath amp Beyond makes desperate move while teetering toward bankruptcy Yahoo Finance Archived from the original on January 27 2023 Retrieved January 27 2023 Bed Bath amp Beyond to wind down Canada operations Reuters Reuters February 10 2023 Retrieved February 11 2023 Rizzo Lillian Bed Bath amp Beyond again warns of bankruptcy if new stock offering doesn t pay off CNBC Retrieved April 1 2023 Cianciolo Mike March 26 2007 buybuy BABY Gets Bought The Motley Fool Archived from the original on October 29 2013 Retrieved October 27 2013 Bed Bath amp Beyond Inc Announces Joint Venture with Home amp More a Home Products Retailer in Mexico Bed Bath amp Beyond Archived from the original on October 28 2013 Retrieved October 27 2013 Bed Bath amp Beyond to Leave Hundreds of Thousands of Square Feet of Vacant Retail Space with Canadian Exit February 13 2023 Bed Bath amp Beyond Canada L P corporate profile Bloomberg archived from the original on December 20 2016 retrieved December 13 2016 Bed Bath amp Beyond won t ship to Quebec Marks Jennifer October 13 2020 Bed Bath amp Beyond sells Christmas Tree Shops and hospitality operation Home Textiles Today Archived from the original on January 5 2023 Retrieved January 5 2023 Hsu Tiffany May 9 2012 Bed Bath amp Beyond to Buy Cost Plus for 495 Million Los Angeles Times Archived from the original on October 22 2013 Retrieved October 27 2013 Dealbook Blog May 9 2012 Bed Bath amp Beyond to Buy Cost Plus The New York Times Archived from the original on August 15 2017 Retrieved October 27 2013 Bed Bath buys Linen Holdings for 105 million Reuters June 1 2012 Archived from the original on October 29 2013 Retrieved October 27 2013 Brooke Aliza August 10 2015 Indie Design Retailer Of a Kind Acquired by Bed Bath amp Beyond Fashionista Archived from the original on February 5 2023 Retrieved February 19 2016 Bed Bath amp Beyond Shuts Indie E Tailer Of a Kind Archived from the original on January 5 2023 Retrieved January 5 2023 Kapner Suzanne June 14 2016 Bed Bath amp Beyond Buys One Kings Lane for Not Material Price The Wall Street Journal Archived from the original on July 9 2016 Retrieved July 6 2016 One Kings Lane s new owner is collecting distressed home furnishing brands Business of Home April 22 2020 Archived from the original on January 5 2023 Retrieved January 5 2023 Lillo Andrea March 11 2002 Bed Bath makes first acquisition with Harmon Home Textiles Today Archived from the original on October 29 2013 Retrieved October 27 2013 Further media EditVideos Why Bed Bath amp Beyond Is Facing Extinction CNBC August 1 2019 External links EditOfficial website Business data for Bed Bath amp Beyond Inc BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Bed Bath 26 Beyond amp oldid 1148516682, wikipedia, wiki, book, books, library,

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