![]() The stock soared 21% that day on hopes of a big turnaround. On October 9, 2019, the company tapped Mark Tritton, Target's former chief of merchandising, as CEO. In 2019, year-over-year quarterly revenue growth began consistently coming in negative. After the stock hit an all-time high of $70 per share in January 2014, a volatile period followed until March 2015, and the stock fell below $40 a share in the latter half of 2016 amid softening sales. The good days for Bed Bath & Beyond quickly became the good old days. At the same time, profits took a hit from online rivals, but it didn't stop Bed Bath & Beyond from opening more stores with reckless abandon. And others on the board had sparse retail and tech experience. The company's founders remained board chairs. Steven Temares, who started at the company in 1992 as a real estate lawyer, became CEO in 2003 and did not relinquish that role until 2019. Bed Bath & Beyond was late to this internet boom, which was pioneered by competitors like Target ( TGT) and Amazon ( AMZN).Īfter the start of the new millennium, the company appeared resistant to the constantly-evolving new era of retail. Soon, the paper coupons that Bed Bath & Beyond thrived on became vintage as more Americans moved to online shopping in the early 2000s, allowing customers to compare prices with other stores and use coupons digitally. The company powered through recessions and kept sales soaring as more households formed in the United States. The company went public in June 1992, initially trading around $1. It didn't require a million-dollar advertising campaign to lure in shoppers - just the big blue coupons in the snail mail with which customers have become well acquainted. ![]() In its prime, Bed Bath & Beyond featured prices low enough throughout the year that sales events were no longer calendar-worthy for customers. Customers got a wider range of merchandise to browse from than that of smaller, more local businesses. Category killers represented a new wave of superstores that featured high inventory and low prices in their specific category, like home goods. ![]() The popularity helped Bed n' Bath expand out of its home state of New Jersey with more products and in 1987, it added the "beyond" label to its corporate name.īed Bath & Beyond was the classic "category killer" of the 1980s and 1990s, similar to the now-defunct Toys "R" Us. Their bet was spot-on: The 1980s brought a rise in consumerism, Walmart-driven price deflation, and new retail economics that led to booming business in suburban America for big-box retailers. In 1971, they opened the first linens-only "Bed 'n Bath" store in Springfield, New Jersey. The good old daysįounders Leonard Feinstein and Warren Eisenberg originally worked at Arlans, a discount retail chain, but eventually discovered the need for niche stores that better served shoppers. Here's a look at the years leading up to its current near-death state. ![]()
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