Bed Bath & Beyond was founded in New Jersey in 1971. Popular for its effective use of the ‘superstore’ concept, packed stores, and 20% off coupons, the chain quickly expanded, peaking in 2013 with a market value of $17 Billion.
Their end began in 2019, when activist investors pushed out much of the executive leadership team and brought in former Target Chief Merchandising Officer Mark Tritton. He only lasted 18 months in the position, and every effort to spark a turnaround led to accelerated failure.
On April 23, 2023, the chain filed for Chapter 11 bankruptcy protections and announced that all stores would be closed within two months.
In this episode of Dial P, host Kelly Barner covers:
- How BB&B went from a successful international chain to one that couldn’t put inventory its shelves
- What the executive team did in an effort to save the chain, and how some of those ideas actually made their situation worse
- The insider trading scheme that not only proved to be a damaging and costly distraction for the company at a very bad time, but may have also led to the suicide of CFO Gustavo Arnal
Note: This episode discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).