New York – How does a bad situation grow even worse? Per the old saying: Very slowly, then all at once.
Bed Bath & Beyond has been channeling through a series of turnaround strategies to reclaim its authority in the home space since it hired former Target exec Mark Tritton in fall 2020. He was ousted last summer amid ongoing sales declines. But the 5-alarm bell really began to clang in September 2021, when the BBB chain reported sinking comp sales in its major product categories.
Here is a look at key moments in the unfolding story – up through the announcement that bankruptcy might be on the table as company executives seek to save the business.
Bed Bath & Beyond breaks out sales declines in key categories (Sept. 20, 2021)
Bed Bath & Beyond strikes deal with activist investor (March 25, 2022)
Bed Bath & Beyond comps tumble in key product categories (April 13, 2022)
Bed Bath & Beyond ousts CEO and chief merchant (June 29, 2022)
Bed Bath & Beyond reportedly seeking liquidity boost (Aug. 4, 2022)
Bed Bath & Beyond moves to boost finances by exchanging debt (Oct. 18, 2022)
Bed Bath & Beyond names permanent president and CEO (Oct. 26, 2022)
The company is scheduled to provide an update on its strategies when it reports Q3 results on Jan. 10.