as tomorrow approaches, the doom and gloom has started popping up, so i sincerely ask: are massive store closings and/or layoffs of full time (but not keyholder) an actual possibility? i’m not doubting that it is, but could tomorrow simply just be some corporate fluff about getting a loan and turning business around with stores finally getting inventory?
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Is there a list of the stores that are closing
Who is the COO and Chief of stores?
Chief Stores Officer is out too.
Highlights of the press release:
The Company has begun implementing significant, additional SG&A reductions to right-size its cost structure. These reflect the Company’s immediate priorities of merchandising, inventory, and traffic and align with changes in store footprint, lower Owned Brands development and support, and deferral of longer-term strategic initiatives. Cost optimization plans include a reduction in force, including approximately 20% across corporate and supply chain.
The Company has commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores.
The Company will be reducing the number of Owned Brands by discontinuing three of its nine labels (Haven™, Wild Sage™ and Studio 3B™). The breadth and depth of inventory across the Company’s six remaining Owned Brands (Simply Essential™, Nestwell™, Our Table™, Squared Away™, H for Happy™ and Everhome™) will be substantially reduced to 30% versus a current penetration of 50%.
The COO is out too as of today.
https://bedbathandbeyond.gcs-web.com/static-files/94f67de4-e4f9-4a65-8f2b-fafdccff6f23
Link to the presentation this morning.
This will be fluff and nothing more. They will put on their happy faces and sternly say that the company will turn around and lay out all of their super well thought plans on how to do so. They will also prep the earnings report at the end of September by saying they know it will be bad because they haven't had enough runway to implement their amazing changes. All the while those that are wiser will be rolling their eyes knowing they are just buying time and when the holidays come and go and sales are still down year over year they will be put out of their misery.
"And they are replacing all of the graphics to a different color and design.
The customers don’t care about the color of a sign they want products."
Seriously? They think spending money on the graphics is going to make a big difference rather than spending money on getting the right product at the right price in the store??
I think we can expect to hear that the interim CEO will be acting CEO for now. Plus store closings for BBB and Harmon and maybe some locations shifting to a Baby store if the size and numbers make sense.
The stores that are closing already know this. The managers have to have as many conversations as possible before the press release. There will be other changes that will impact store level people. Then they will tell us some pie in the sky BS that everything will be fine. We all know where this leads in the end.
Cutting hours for ASM is better than letting all go, due to basically managers running the store. There are some of the kids we have that aren’t the best use of the tight hours, as every store has people that don’t actually work. It’s been tough with tight hours. I’m off tomorrow, but I’m hoping my job is safe
It’s bad. My dm always leaves at 4 or 430 but tonight stayed until 630 being on calls. Not a good sign.
Our store has to cut over 200 hours. Not sure how this is going to happen. If they cut ft to 35 and whatever 45 asms are left to 40 I’m sure that will help. Also look at top heavy departments in corporate.
And they are replacing all of the graphics to a different color and design.
The customers don’t care about the color of a sign they want products.
I’m not sure honestly. Part of me thinks it will be “fluff” to try to calm investors or give them a false sense of security (ex: details on the loan, details on private/national labels and vendors).
But hearing the speculation….I mean if the bad news flows let’s hear about it.