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===Other subsidiaries===
===Other subsidiaries===
* Bed Bath & Beyond Mexico – a joint venture with Home & More, S.A. de C.V to operate four stores in Mexico under the name "Bed Bath & Beyond"<ref name="mexico">{{cite web | url = http://phx.corporate-ir.net/phoenix.zhtml?c=97860&p=irol-newsArticle&ID=1145749&highlight= | archive-url = https://archive.today/20131028003630/http://phx.corporate-ir.net/phoenix.zhtml?c=97860&p=irol-newsArticle&ID=1145749&highlight= | url-status = dead | archive-date = October 28, 2013 | title = Bed Bath & Beyond Inc. Announces Joint Venture with Home & More, a Home Products Retailer in Mexico |publisher = Bed Bath & Beyond | access-date = October 27, 2013}}</ref> The Mexican unit is not effected by the closure in the US and Canada and will continue to operate normally.<ref>https://www.bedbathandbeyond.com.mx/comunicado (in Spanish)</ref>
* Bed Bath & Beyond Mexico – a joint venture with Home & More, S.A. de C.V to operate four stores in Mexico under the name "Bed Bath & Beyond"<ref name="mexico">{{cite web | url = http://phx.corporate-ir.net/phoenix.zhtml?c=97860&p=irol-newsArticle&ID=1145749&highlight= | archive-url = https://archive.today/20131028003630/http://phx.corporate-ir.net/phoenix.zhtml?c=97860&p=irol-newsArticle&ID=1145749&highlight= | url-status = dead | archive-date = October 28, 2013 | title = Bed Bath & Beyond Inc. Announces Joint Venture with Home & More, a Home Products Retailer in Mexico |publisher = Bed Bath & Beyond | access-date = October 27, 2013}}</ref> The Mexican unit is not affected by the closure in the US and Canada and will continue to operate normally.<ref>https://www.bedbathandbeyond.com.mx/comunicado (in Spanish)</ref>
* Bed Bath & Beyond Invitations – an online wedding invitation venture{{citation needed|date=April 2019}}
* Bed Bath & Beyond Invitations – an online wedding invitation venture{{citation needed|date=April 2019}}


Revision as of 10:23, 24 April 2023

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

Bed Bath & Beyond Inc.
FormerlyBed 'n Bath (1971–1987)
Company typePublic company
IndustryRetail
Founded1971; 53 years ago (1971)
Springfield, New Jersey, U.S.
Founders
  • Warren Eisenberg
  • Leonard Feinstein
FateChapter 11 bankruptcy liquidation
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
RevenueDecrease US$7.87 billion (2022)
Decrease US$-408 million (2022)
Decrease US$-560 million (2022)
Total assetsDecrease US$5.13 billion (2022)
Total equityDecrease 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 Inc. is an American big box store specializing in home textiles, housewares, decorative home accessories and speciality items. The chain operates stores in the United States, Canada, Mexico, and Puerto Rico.[3]

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

On April 23, 2023, the company filed for Chapter 11 bankruptcy and announced that it would be winding down its operations after a series of attempts to make a profit failed.[6][7]

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.[8] 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.[9]

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.[10]

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.[11] Bed Bath & Beyond first reached $1 billion in annual sales in 1999.[9]

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.[12] 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.[13] 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.[14]

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.[15][16] On November 4, 2019, Mark Tritton, who was previously Target's chief merchandising officer, started as Bed Bath & Beyond's CEO.[17]

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.[18]

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 Buy Buy Baby stores, roughly 80 Christmas Tree Shops (and related brands), and more than 50 Harmon stores.[19]

Due to the COVID-19 pandemic, the company announced it would close more than 200 stores, about 21%, over two years.[20]

In January 2021, Bed Bath & Beyond announced that they would stop selling MyPillow, citing poor sales.[21] 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.[22]

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.[23][24] 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.[25]

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.[26]

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.[27]

In August 2022, the company announced the closure of 150 under performing stores[28] and the reduction of its corporate and supply chain staff by about 20%.[29]

On September 2, 2022, Bed Bath & Beyond chief financial officer Gustavo Arnal committed suicide by jumping from his balcony on the 18th floor of 56 Leonard Street. Arnal was one of the targets of a class action with regard to Bed Bath & Beyond's stock becoming a pump and dump scheme.[30][31][32]

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.[33][34][35] Wall Street analysts predicted that the company, as soon as the weekend of January 7–8, would file for Chapter 11 bankruptcy.[36][37] On January 9, the company hired AlixPartners as its new restructuring adviser.[38] On January 26, the company announced some banks had cut its line of credit.[39] 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.[40] 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".[41] 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.[42]

On April 23, 2023, after failure to pay off stock, declining sales, high debt, and years of struggling, Bed Bath & Beyond officially filed for Chapter 11 bankruptcy protection in the United States.[43] It was later confirmed that all remaining Bed Bath & Beyond and Buy Buy Baby stores in the U.S. would close unless a buyer was found for the chain.[44]

Headquarters

The company's headquarters is located in Union, New Jersey.

Subsidiaries

Current

  • Buy Buy Baby – founded by Richard and Jeffrey Feinstein, sons of Bed Bath & Beyond co-founder Leonard Feinstein; acquired in March 2007 for $67 million[45]

Other subsidiaries

  • Bed Bath & Beyond Mexico – a joint venture with Home & More, S.A. de C.V to operate four stores in Mexico under the name "Bed Bath & Beyond"[46] The Mexican unit is not affected by the closure in the US and Canada and will continue to operate normally.[47]
  • 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 [48][49] - 53 stores across Canada in nine provinces (none in Quebec, due to restrictive language laws)[50] Stores are undergoing liquidation and each will closed once process is completed.
  • Christmas Tree Shops (2003–2020) – acquired in 2003 and sold in 2020 for an undisclosed amount to Handil Holdings LLC[51]
  • 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[52][53]
  • Linen Holdings (2012–2020) – acquired in June 2012 for $105 million and sold in 2020 to The Linen Group LLC[54]
  • Of A Kind (2015–2019) – acquired in August 2015 for an undisclosed amount and closed in October 2019[55][56]
  • One Kings Lane (2016–2020) – acquired in June 2016 for an undisclosed amount, sold in 2020 to CSC Generation[57][58]
  • Harmon Stores (2002–2023) – acquired in March 2002 for an undisclosed amount and closed in January 2023[59][40]

References

  1. ^ "Bed Bath & Beyond Inc. Appoints Sue Gove President & Chief Executive Officer" (Press release). Bed Bath & Beyond Inc. October 26, 2022. Archived 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. Archived 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. Archived from the original on November 30, 2020. Retrieved June 27, 2019.
  4. ^ "Bed Bath & Beyond". Fortune. Archived from the original on December 31, 2019. Retrieved February 28, 2018.
  5. ^ "Bed Bath & Beyond on the Forbes Global 2000 List". Forbes. Archived from the original on January 29, 2021. Retrieved February 28, 2018.
  6. ^ Alina, Selyukh (April 23, 2023). "Homeware giant Bed Bath & Beyond has filed for bankruptcy". NPR.
  7. ^ Fonrouge, Gabrielle. "Bed Bath & Beyond files for bankruptcy protection". CNBC. Retrieved April 23, 2023.
  8. ^ "The rise and fall of Bed Bath & 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.
  9. ^ a b "History of Bed Bath & Beyond Inc". FundingUniverse. Archived from the original on October 29, 2013. Retrieved October 27, 2013.
  10. ^ 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. Archived from the original on February 10, 2021. Retrieved October 31, 2021.
  11. ^ History of Bed Bath & Beyond Inc. Vol. 41. St. James Press. 2001. Archived from the original on March 1, 2019. Retrieved February 25, 2019 – via Funding Universe. {{cite book}}: |website= ignored (help)
  12. ^ Gomez, Amanda (March 26, 2019). "New brooms". Reuters BreakingViews. Archived from the original on May 1, 2019. Retrieved May 1, 2019.
  13. ^ Verdon, Joan (April 30, 2019). "Bed Bath & Beyond's Family Ties Under Attack: Nepotism Or Good Deals?". Forbes. Archived from the original on May 1, 2019. Retrieved May 1, 2019.
  14. ^ Chin, Kimberly (April 22, 2019). "Bed Bath & Beyond Overhauls Board Amid Activist Pressure". Wall Street Journal. ISSN 0099-9660. Archived from the original on May 1, 2019. Retrieved May 1, 2019.
  15. ^ Thomas, Lauren (May 13, 2019). "Bed Bath & Beyond CEO Steven Temares steps down 'immediately' and resigns from board". CNBC. Archived from the original on May 13, 2019. Retrieved May 14, 2019.
  16. ^ Maidenberg, Micah (May 13, 2019). "Bed Bath & Beyond Chief Executive Steps Down". Wall Street Journal. ISSN 0099-9660. Archived from the original on May 13, 2019. Retrieved May 14, 2019.
  17. ^ Meyersohn, Nathaniel (December 17, 2019). "Bed Bath & 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.
  18. ^ Bhattarai, Abha (April 26, 2019). "Your love of Bed Bath & Beyond coupons could be killing the retailer". The Washington Post. Archived from the original on May 1, 2019. Retrieved May 1, 2019.
  19. ^ "Bed Bath & Beyond Inc (BBBY.O)". Reuters. Archived from the original on May 1, 2019. Retrieved May 1, 2019.
  20. ^ Tyko, Kelly (July 8, 2020). "Bed Bath & 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.
  21. ^ 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.
  22. ^ 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.
  23. ^ Stein, Sanford (March 7, 2022). "Activist Letter Sends Bed Bath & Beyond Stock Soaring". Forbes. Archived from the original on August 4, 2022. Retrieved August 4, 2022.
  24. ^ Cohen, Ryan (March 6, 2022). "Letter To Board". Letter to Bed Bath & Beyond Inc. Retrieved August 4, 2022.
  25. ^ Repko, Melissa (March 25, 2022). "Bed Bath & 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.
  26. ^ "Bed Bath & Beyond Inc. Announces Executive Leadership Changes" (Press release). Bed Bath & Beyond Inc. June 29, 2022. Archived from the original on January 10, 2023. Retrieved December 20, 2022.
  27. ^ 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.
  28. ^ Royce, Aaron (August 31, 2022). "Bed, Bath & 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.
  29. ^ Repko, Melissa (August 31, 2022). "Bed Bath & 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.
  30. ^ Mollman, Steve (September 4, 2022). "Bed Bath & 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.
  31. ^ Singh, Kanishka (September 5, 2022). "Death of Bed Bath & Beyond CFO ruled a suicide". The Globe and Mail. Archived from the original on September 6, 2022. Retrieved September 6, 2022.
  32. ^ Lombardo, Cara (September 7, 2022). "Inside Bed Bath & Beyond, Concerns Over Mounting Stress for CFO". The Wall Street Journal. Archived from the original on September 7, 2022. Retrieved September 7, 2022.
  33. ^ "Bed Bath & 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.
  34. ^ 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.
  35. ^ Bomey, Nathan (January 5, 2023). "Bed Bath & Beyond bankruptcy might be next, retailer warns". Axios. Archived from the original on January 5, 2023. Retrieved January 5, 2023.
  36. ^ "Bed Bath & 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.
  37. ^ "Bed Bath Beyond Probability Of Bankruptcy 2023". Macroaxis. Archived from the original on January 6, 2023. Retrieved January 5, 2023.
  38. ^ Biswas, Soma (January 10, 2023). "Bed Bath & Beyond taps new restructuring adviser as bankruptcy looms". Fox Business. Fox. Archived from the original on January 27, 2023. Retrieved January 27, 2023.
  39. ^ 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. Archived from the original on January 26, 2023. Retrieved January 26, 2023.
  40. ^ a b "Bed Bath & Beyond makes desperate move while teetering toward bankruptcy". Yahoo! Finance. Archived from the original on January 27, 2023. Retrieved January 27, 2023.
  41. ^ "Bed Bath & Beyond to wind down Canada operations". Reuters. Reuters. February 10, 2023. Retrieved February 11, 2023.
  42. ^ Rizzo, Lillian. "Bed Bath & Beyond again warns of bankruptcy if new stock offering doesn't pay off". CNBC. Retrieved April 1, 2023.
  43. ^ "Bed Bath & Beyond files for bankruptcy protection". CNBC. April 23, 2023. Retrieved April 23, 2023.
  44. ^ "Bed Bath & Beyond Customer FAQ". Kroll Restructuring Administration. Retrieved April 23, 2023.
  45. ^ Cianciolo, Mike (March 26, 2007). "buybuy BABY Gets Bought". The Motley Fool. Archived from the original on October 29, 2013. Retrieved October 27, 2013.
  46. ^ "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.
  47. ^ https://www.bedbathandbeyond.com.mx/comunicado (in Spanish)
  48. ^ "Bed Bath & Beyond to Leave Hundreds of Thousands of Square Feet of Vacant Retail Space with Canadian Exit". February 13, 2023.
  49. ^ Bed Bath & Beyond Canada L.P. corporate profile, Bloomberg, archived from the original on December 20, 2016, retrieved December 13, 2016
  50. ^ "Bed Bath & Beyond won't ship to Quebec".
  51. ^ Marks, Jennifer (October 13, 2020). "Bed Bath & Beyond sells Christmas Tree Shops and hospitality operation". Home Textiles Today. Archived from the original on January 5, 2023. Retrieved January 5, 2023.
  52. ^ Hsu, Tiffany (May 9, 2012). "Bed Bath & Beyond to Buy Cost Plus for $495 Million". Los Angeles Times. Archived from the original on October 22, 2013. Retrieved October 27, 2013.
  53. ^ Dealbook Blog (May 9, 2012). "Bed Bath & Beyond to Buy Cost Plus". The New York Times. Archived from the original on August 15, 2017. Retrieved October 27, 2013.
  54. ^ "Bed Bath buys Linen Holdings for $105 million". Reuters. June 1, 2012. Archived from the original on October 29, 2013. Retrieved October 27, 2013.
  55. ^ Brooke, Aliza (August 10, 2015). "Indie Design Retailer Of a Kind Acquired by Bed Bath & Beyond". Fashionista. Archived from the original on February 5, 2023. Retrieved February 19, 2016.
  56. ^ "Bed Bath & Beyond Shuts Indie E-Tailer Of a Kind". Archived from the original on January 5, 2023. Retrieved January 5, 2023.
  57. ^ Kapner, Suzanne (June 14, 2016). "Bed Bath & 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.
  58. ^ "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.
  59. ^ 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

Videos

External links

  • Official website
  • Bed Bath & Beyond Inc. Case No. 23-13359 | Kroll Restructuring Administration
  • Business data for Bed Bath & Beyond Inc.:
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