Bed Bath & Beyond will give a business update on Aug. 31.
Bed Bath & Beyond is getting set to discuss its next chapter.
The embattled home goods chain said it will provide a business and strategic update to investors during a call on Wednesday, August 31, at 8:15 am. Bed Bath & Beyond has been under increased pressure following a disastrous first quarter, in which sales plummeted 25% and its net loss widened to $358 million.
On the heels of the loss, CEO Mark Tritton was ousted and company director Sue Grove was named interim chief. Tritton had sought to reinvent the business with an ambitious multi-year transformation initiative that included closing underperforming locations, updating stores and focusing on private brands, launching about 10 labels in some two years.
In a statement, Grove said the upcoming call will include “a preview of strategies and changes being implemented across the enterprise to deliver results for all stakeholders."
"We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet,” she stated. “We look forward to providing an update on our business next week.”
Bed Bath & Beyond’s troubles have been mounting in recent weeks, with reports that some suppliers have stopped shipping products due to late payments. Earlier this month, RC Ventures, the firm of activist investor Ryan Cohen, co-founder of Chewy and chairman of and GameStop, sold its nearly 12% stake in the company. Last week, S&P Global Ratings downgraded Bed Bath & Beyond’s credit rating from CCC from B-minus, citing the company’s growing challenges, including poor sales, shrinking liquidity and looming debt maturities.
In the most recent move, The Wall Street Journalreported that the the chain was finalizing a loan close to $400 million to shore up its liquidity and build credibility with suppliers.