It’s official: Bed Bath & Beyond sucks
Bed Bath & Beyond is going beyond… normal company operations and calling for back-up by bringing in two top management consulting firms. The firms are supposed to help the company cut costs and improve merchandise. The additional help isn’t a bad idea either given the company’s share price just dropped 25% on Thursday.
Customers are going elsewhere… like to Target and TJX-owned HomeGoods. Given the fact that the market is doing so well, dropping 25% is pretty horrific. It’s not just the market doing well, homewares and home-related products are selling like crack – but not for Bed Bath & Beyond who sells those things.
It’s not all bad… because the company has improved upon its online sales by making 10% of total sales online. However, the housewares retailer is still getting crushed by companies like Amazon and Wayfair. Maybe they should start selling universal remote controls…