Bed Bath and Beyond has named a new CEO — and investors were selling the stock.
The beleaguered retailer has tapped interim leader Sue Gove to the position permanently. She’s held the position for the past four months following the exit of its former CEO Mark Tritton, who failed to turn around the company. Shares of the retailer fell 4%, bouncing back from a sharp selloff at the open following the announcement. The initial decline appeared to be a typical “sell the news” strategy on Wall Street after the stock rallied 24% Tuesday.
” In August, Bed Bath and Beyond laid off approximately 20% of corporate employees, announced the closure of around 150 stores and slashed several of its in-house home goods’ brands. Crucially, it secured more than $500 million in financing to shore up its ailing financial situation. It also revealed that sales at stores open for at least a year plunged 26% during its latest quarter ending August 27.
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