Bed Bath & Beyond… bad

Nothing better than a good ol’ 20%-off coupon from Bed Bath & Beyond. Unless you are Bed Bath & Beyond.

A lot’s happened with the company the last few years, and especially this week. Here’s a quick rundown:

In 2019: Mark Tritton, a Target veteran, took over as CEO. His primary focus was reducing product counts, cutting back coupons, and shifting toward private-label brands — something Target’s historically done well.

In 2021: The company reached a $6.4B market cap as it got caught up with GameStop and AMC in meme stock mania, but sales fell significantly by year’s end.

• During the holidays, Bed Bath & Beyond experienced the retail giant equivalent of “Wipeout.” The company lost out on ~$175m in sales due to out-of-stocks.

This week: The company reported same-store sales dropped 24% from a year earlier, online sales fell 21%, and Tritton stepped down.

• What’s more? A report from Bank of America found the company cut air conditioning in stores to lower costs, though the company denied directing stores to do so.

In the coming months, the company is expected to find a new leader, potentially a buyer for Buy Buy Baby, and ideally a future beyond its current state.