Union, N.J. – With a fresh injection of financing, Bed Bath & Beyond has outlined a plan that includes incrementally cutting away at its store base and making its omni-channel operation more vendor-centric.
- The buybuy Baby chain is in the process of being pared down from 137 units to 120 stores.
- Going forward, inventories will be “asset-light.” Bed Bath & Beyond plans to rely more heavily on vendor-direct-to-consumer sales and marketplace transactions. It will also seek out “innovative collaborations” to drive sales. Since last summer, BBB was focused on rebuilding its assortment of national brands as it jettisoned several categories of private labels.
- The company also intends to further streamline its supply chain, technology, expense structure and business processes as it realigns operations.
Hudson Bay Capital has come forward as the anchor investor on the share sale Bed Bath & Beyond announced earlier this week.
“This transformative transaction will provide runway to execute our turnaround plan,” Sue Gove, president and CEO of Bed Bath & Beyond Inc. said. “We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities.”
Bed Bath & Beyond is also in the process of shuttering the entire Harmon Values chain of health & beauty stores.