I am very sad to see what is happening with this company because it affects many people's lives.
Maybe I was too optimistic, but two years ago, (and even last year), I would never have guessed that this place would hit the rock bottom like it has now. You?
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I am pretty sure giving every associate a bonus in 2020 and the 1 billion stock buyback expedited the demise.
Covid hurt BBB more than other retailers also because the technical infrastructure is stuck in the mid 90's. Their lack of attention to bolstering their tech is the same today as it was fifteen years ago or more. Just another example of how they have had bad decision making for decades. Look at them now, they are done.
I will say one thing, 1kpd. It is greed that is driving prices up because companies are seeing how much they can gouge the public before they scream. That printing money thing is just boilerplate gaslighting.
I thumbed up because there are some truths in what 1kpd says. If you thought all these companies were not going to wreak havoc on prices after COVID, you were sadly mistaken: they are making up for it. If all the prices are driven by the energy sector, why are they giving record bonuses out to their CEOs while you can't find rent money? Big Oil would have you think they barely break even. They do a ton better than break even, and here is the vengeance for a couple of years of reduced usage to please the shareholders.
In terms of greed in retail, Wallys right now is running away with that award. I see the parking lots of Aldis crammed now and they are withing walking distance of Wallys in some strip malls. Walmart has gotten into price gouging.
There's a ton of "optional" items in terms of what is left at Bloodbath. but certainly that started many years ago. The older folks (and I am one) seemed to show up to gawk at the TV wall and buy whatever we put up under the sign there. It was almost like they needed to participate in consumerism to feel alive, no matter how frivolous the item was or how poorly it was made. (Mikey is only one example, but an outrageously priced piece of garbage nonetheless) There was some real cr-p on that TV Wall.
There were people who came just to see the new gadgets. Hence, it was by the door!
It was discretionary spending. Then they spent a year or more at home and it suddenly dawned on them that they had a small hoard of redundant or rarely used items. There are fewer of them due to COVID as it hit that demographic hard.
Perhaps they all figured there was too much stuff at BBBY that was of no use to them. You know what they say- you collect until you are 50 and then start unloading stuff!
You can't take the Squatty Potty with you.
As a former customer for many years I must say that Bed Bath and Beyond was my favorite retail establishment. Rather than sit in my truck and wait for my wife, like I do at all other retail stores, I looked forward to walking the store. Clean, well lit, courteous employees and a unique product assortment. Yes, senior management is responsible for the Bed Bath and Beyond's failure. Like the captain of a ship or plane they "own" it. Good or bad. In this case it's bad, very bad. However, senior management cannot be held responsible for all the problems. I look at Bed Bath and Beyond as a "nice to shop" rather than a "got to shop" establishment". The majority of the people are having a difficult time making ends meet. When a choice has to be made between beautiful bed spreads, sheets, towels, candles etc. and rent, energy, food, medicine etc. the choice is easy. Unfortunately we will see a lot more pain. Hopefully we can get our act together and fix this. I have my doubts. I am not an expert on the economy by any means but I follow it rather closely. I think the next shoe to drop will be large increases in unemployment and that the auto industry will take a major hit. Government printing and distributing money will only exacerbate inflation. We do not need that. God Bless all associates who have lost
their jobs.
I started with BBBY in 2004. First 13 years were great. 2017/18 it changed and spiraled down and out. I knew a couple of years ago it was time to leave
Every-time I go back to a BBB I’m smiling and glad that I’m gone! The selection is down to nothing I go in looking for random deals from time-time!
I was too once brainwashed into thinking there was NO way out!
I knew someday it would crater. Sooner than later, and a friend who was going to Drexel and working when home who was at 53 with me predicted 5 years max.
This was 2018. I don't think he was a business major, either. It was pretty obvious.
I just know we lost too many good managers to other places and our DM retired. And we had just changed to decent larger screens in 2019 or so from tiny monitors in a store that was said to be the flagship of the Midwest. Too much spent on buybacks, nothing spent on infrastructure. The kicker was the 2020 full timers forced out and the non-payment of rent during COVID shutdown.
We always used to say that you never saw any former employee come back to visit at 53 who wasn't smiling and was glad to be gone.