![]() It was never able to use the health crisis to pivot to a successful online strategy as others had, analysts said. ![]() ![]() Tritton quickly reduced coupons and started to introduce store label brands at the expense of national labels, a strategy that proved disastrous for the retailer.Īnd the pandemic, which happened shortly after his arrival, forced the retailer to temporarily close its stores. In late 2019, Bed Bath & Beyond tapped Target executive Mark Tritton to take the helm and turn around sales. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home dÈcor. It was among the first to introduce shoppers to many of today’s household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were ubiquitous.īut for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.”įounded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of sheets, towels and gadgets unmatched by department store rivals. A lot of people have grown up with it, “ said Neil Saunders, managing director of GlobalData Retail. to allow it to keep operating during the bankruptcy process. Bed Bath & Beyond said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending, Inc.
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