The news: Bed Bath & Beyond rolled out a multipronged turnaround strategy that includes closing 150 stores (about 20% of its fleet), laying off about 20% of its corporate and supply chain workers (including the jobs of chief operating officer and chief stores officer), and pivoting away from the previous leadership team’s push into private labels.
But is it enough? Bed Bath & Beyond plans to bring back more familiar brands (some of which will offer exclusive products at the retailer), as well as add some new direct-to-consumer brands to its mix.
Leaning into rewards: One way it aims to do so is via its revamped loyalty program, Welcome Rewards, which enables shoppers to earn points across all three of the retailer’s brands, which include buybuy Baby and Harmon.
The big takeaway: Bed Bath & Beyond now has the means to pay its bills and ensure that vendors will feel comfortable supplying it with the items it needs to stock its shelves and warehouses.
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