Bed, Bath & Beyond retail trading activity comes after Chewy.com co-founder and GameStop chairman Ryan Cohen's RC Ventures purchased call options on more than 1.6 million shares.
and discontinued Wild Sage, a private brand of bedding, decor and furniture launched in June 2021.
Independent board director Sue Gove is serving as interim CEO as the company searches for a permanent replacement. In addition, Mara Sirhal, Bed Bath & Beyond's general merchandise manager of health, beauty and consumables and Laura Crossen, senior vice president of treasury, tax, and finance transformation have been tapped as chief merchandising officer and accounting officer, respectively.
As for the long-term, the focus will be on stabilizing its supply chain, reducing costs, lowering inventory and strengthening its balance sheet. In addition, she teased that a potential sale of the buybuy Baby business remains an option on the table. Bed Bath & Beyond executives expect same-store sales to improve sequentially in the second half of fiscal year 2022.
The company will also reduce its planned capital expenditures in fiscal 2022 by a minimum of $100 million to approximately $300 million and has retained Berkeley Research Group , a leading retail advisory firm, to focus on cash, inventory and balance sheet optimization.
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