Bed Bath & Beyond announced a plan this evening that includes gradually reducing the number of its stores and making its omni-channel business more vendor-centric.
- About 360 of Bed Bath & Beyond’s busiest stores will remain as physical locations under the company’s new plan. Despite the company having since announced the closure of nearly 90 more units, the chain had 762 units open as of late November 2022.
- The buybuy Baby chain is in the process of being reduced from 137 units to 120 stores.
- Going forward, inventories will be “asset-light.” Vendor-direct to consumer sales and marketplace transactions will play a bigger role in Bed Bath & Beyond’s business strategy. It will also seek out “innovative collaborations” to drive sales. BBB has been concentrating on revamping its selection of national brands since last summer while getting rid of a number of private label categories.
- Along with realigning operations, the company also plans to further streamline its technology, expense structure, supply chain, and business procedures.
In the share sale that Bed Bath & Beyond announced late yesterday, Hudson Bay Capital has stepped forward as the lead investor. The hedge fund reportedly intends to purchase more than $1 billion in stock.
“This transformative transaction will provide runway to execute our turnaround plan,” Bed Bath & Beyond Inc.’s president and chief executive, Sue Gove said late today. “We are continuing to invest in our omni-always capabilities while also optimizing our store fleet and supply chain.”
Additionally, the entire chain of Harmon Values health and beauty stores is being shut down by Bed Bath & Beyond.