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Many Bed Bath & Beyond Shelves Empty For Holiday Shopping: Report

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Recent research from DataWeave Inc. reveals that more than 40% of Bed Bath & Beyond products were out of stock in October, nearly double the level for the first half of 2022.

What happened: Bed Bath & Beyond Inc (NASDAQ: BBBY) is trying to attract customers for the holiday season as the company is unable to fill its stores across the United States, reports The Wall Street Journal.

In October, Bed Bath & Beyond had higher final prices compared to other retailers such as Home Depot Inc (NYSE: HD), Wayfair Inc (NYSE: W), Kohl’s Corp (NYSE: KSS ) and Lowe’s Companies Inc (NYSE: LOW ), according to a DataWeave report.

The troubled retailer has struggled with financial turmoil and a leadership overhaul. Earlier this month, the company’s chief customer officer resigned in the company’s latest management change.

Also read: What’s next for Bed Bath & Beyond?

In September, Bed Bath & Beyond announced it would close about 150 of its more than 700 stores and lay off about 20% of its workforce as part of a restructuring deal to strengthen its financial position.

“There were challenges under previous administrations, but I believe we are on solid ground to repair the relationship,” the WSJ quoted Bed Bath & Beyond’s CEO as saying. Sue Gove as they say. “Our accounts payable are as clean as ever.”

According to a WSJ report, Bed Bath & Beyond suppliers are still owed money and have suspended shipments to the retailer until they receive payment.

In August, the company announced that it would discontinue three of its nine private label brands and reduce the range of others.

However, some national brands have said they will not increase production for the company as they continue to define its financial position.

See more at Benzinga

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Source: https://finance.yahoo.com/news/many-bed-bath-beyond-shelves-154349417.html

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