TURNAROUND PLAN: Bed Bath & Beyond to cut jobs, close underperforming stores
To drive traffic, sales and customer retention, Bed Bath & Beyond will leverage its new Welcome Rewards program. Since its recent national launch, the Welcome Rewards program has seen strong momentum with 5 million total members, increasing new membership by 20%, according to the company.
Additionally, Bed Bath & Beyond has identified several strategies to accelerate the growth of its Buybuy Baby brand, including building on its digital and registry platforms, addressing additional age groups and expanding products and services.Bed Bath & Beyond interim CEO Sue Gove said that the company is "embracing a straight-forward, back-to-basics philosophy" that will help it regain "dominance as a preferred shopping destination.
"We believe these changes will have a widespread positive impact across customer experience, inventory assortment, supply chain execution and cost structure," she added. "The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns." / Getty Images)said in a regulatory filing that it could potentially launch an at-the- market offering for up to 12 million shares of its common stock.
Bed Bath & Beyond also said it secured $500 million in new financing, including a newly expanded $1.13 billion asset-backed revolving credit facility and a new $375 million "first-in-last-out" facility. Bed Bath & Beyond's actions are expected to reduce selling, general and administrative expenses by approximately $250 million in fiscal 2022.
Looking ahead, the retailer is forecasting second-quarter net sales of approximately $1.45 billion and a roughly 26% comparable sales decline compared with the second quarter of 2021.
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