Bed Bath & Beyond (BBBY) is firing its CEO for turning the company around because he hasn’t done anything to turn the company around.
The CEO of the struggling store said on Wednesday that he is leaving the company and the board of directors right away. Sue Gove, who is on the board and has a lot of experience in retail, is taking over the store temporarily.
Editorials99 Finance asked Bed Bath & Beyond to set up an interview with Gove, but they said no.
Tritton was hired in 2019 after a very successful time running operations at Target (TGT). The decision to fire him comes after another bad quarter for the company.
On June 22, 2016, the sign for Bed Bath & Beyond is seen in Westminster, Colorado. REUTERS/Rick Wilking
Same-store sales at Bed Bath’s namesake brand fell by 27% because people bought less stuff they didn’t need to and didn’t like the company’s push to be more upscale and give out less coupons. Losses of $224 million were found in the adjusted operating profits.
At the end of the quarter, the company had a worrying $107 million in cash and said it was looking for a permanent CEO. The company also gave hints that it might sell its buybuy BABY business.
Shares dropped by 17 percent before the market opened. Shares of Bed, Bath & Beyond more than tripled during the meme market in late 2020 and early 2021. However, they are now down more than 80% from their highs in early 2021.