On the brink of bankruptcy after years of declining sales, the retailer announced more store closures across the U.S., including several Southern California locations in Culver City, Glendora, Hawthorne and Pasadena.
The e-commerce giant maintained its streak of rapid growth even as vaccine rollouts raised the prospect of a return to pre-pandemic shopping habits in the U.S.Bed Bath & Beyond’s creative cultivation of various manufacturer brands is what made its business successful, he said, but the company has lost “that magnetism that used to bring customers in.”
Saunders said the company’s decisions to invest in creating original in-house brands and spend on stock buybacks were poor. “They had the wrong product on the floors,” said Ronald Friedman, a leader of the retail practice at Marcum, an accounting and advisory firm. Friedman said the company’s struggles contrasted with other home-focused competitors such as Home Depot, which did strong business during the pandemic.Bed Bath & Beyond’s position did not always look so precarious.
Often credited with its rise as a retail force, the company’s unique store floor plans capitalized on the concept of intentional clutter. Stores, crammed with stacks of merchandise, had winding paths that ensured customers would pass as many products as possible. LIn August, Bed Bath and Beyond’s stock briefly ballooned in value as it was swept up in the trend dubbed the meme stock craze, driven by small investors banding together in online forums to boost certain companies.
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