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Bed Bath & Beyond's revenue slips as company approaches bankruptcy

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Bed Bath & Beyond reported $1.26 billion in revenue, much lower than Wall Street onlookers expected, as the home goods company struggles to strike the right balance with its shoppers.

"A third of revenue has vanished, plunging an already beleaguered company into the depths of chaos," Neil Saunders, managing director of GlobalData, said in a statement.

CEO Sue Gove said in a statement Tuesday that the company is working on adjusting its merchandise and strategy, which has moved away from shoppers' preferences."We want our customers to know that we hear them and are charging ahead every day to meet their needs," she said. Bed Bath & Beyond experienced a wave of popularity last year as Ryan Cohen, the billionaire founder of online pet food company Chewy, bought more than 7 million shares in the company. He The company made headlines again in September when its former chief financial officer The company, which has already been cutting costs, said Tuesday it will slash an additional $80 million to $100 million, including an unspecified round of layoffs.

Mired in a prolonged sales slump, the company announced last year that it would revert to its original strategy of focusing on national brands, instead of pushing its own store labels. in a bid to turn around its business. It announced it would close about 150 of its namesakes stores and slashed its workforce by 20%. The company said Tuesday that it was on track to close 150 stores that it mentioned last summer.

 

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They are having too many sales and using too many coupons

LOL, They're a horrible store to ever walk in to.

Go woke, go broke….. Should of kept my pillow….. Karma came and bit their asses.

Lower the prices and you would sell more, instead of trying to make a killing off of 1 sale… just common sense

Did you hear about Joe Biden when he was a citizen who had Top Secret documents in his possession unprotected? shouldn't you be reporting about this probable act of Treason? China

They should clean and update their stores. Not hard to figure out.

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