If the id--ts in charge would have taken a good hard look at things about 5 years ago this could have all been different. I stead of stripping the stores of staff and trying to streamline things they should have left the brick and mortar alone. Especially after covid. People wanted to come back to something they remembered. Which used to be a well stocked well staffed Bed Bath and Beyond. Sure curbside and same days became very important but so was that customer standing in front of you needing assistance. If you add a duty to an organization you must also add the manpower to run it. Instead they took away the ability to order and keep the store full and took away staffing and expected a small handful of people to do it all. It was so ridiculous! And the constant aisle changes that we weren't even stocked enough to execute. Just stupid. Bed Bath and Beyond literally turned its back on what used to be an institution of the company...that customer that just walked into the building. It's almost like they did it all on purpose. So Congrats corporate people! Your severance is probably more money than most of us will have in a lifetime. And as a result of your mismanagement alot of us are worried about where dinner is going to come from tonight but it's ok because you guys are covered right? And I know I'll hear the "you should have gotten out sooner" people. But when you are seeing something so stupid happening at a place that you've worked at for 15 plus years you can t help but hold for someone to come to their senses. But I was wrong. There wasn't even an attempt to right the ship. That's my last rant here. Sorry for the length.
11 replies (most recent on top)
You created quite the rant here, and that is your right. Indeed, we are all feeling the stress here. But there is one truth which you cannot deny - your rant is insignificant when compared to the perpetual infernal ranting of the spootie-wonkles! Yes, I said the spootie-wonkles! Do not even try to stare them down, or suffer a perpetual state of stress and hopelessness you will! Set yourself apart from the vile clutches of the spootie-wonkles and be ye free! Dear Lord!
Well, what would have been the answer? The downward trajectory started long before the Blunder from Down Under got here. Sure he accelerated it greatly, but he didn't start it. So, what would have been the answer?
I was employed by BB&B for only about one year and appears to me that corporate leadership and the board of directors are the primary culprits for the rapid decline during the last 5 to 10 years. The board selected the leadership that so many have ridiculed. The board approved almost $12B in stock buy backs. This reduces the number of outstanding shares and increases the price per share allowing the board and leadership to sell their shares at the over inflated price. Especially the last approved stock buy back for $1B when the company was struggling for cash. Hiring additional HQ staff with no frontline customer experience and allowing them to make decisions based on a spreadsheet that directly impacted and tied the hands of retail store employees. During my first 30 days at BB&B there were issues paying vendors which were blamed on the transition to a new software system. I had ask if it was the new software or a lack of cash to pay vendors and the response was oh, we have the cash, it is definitely the software. I immediately reviewed the SEC filings and cash had decreased from ~$1B to $100M in less than one year so the software was not the issue. I inquired about all of the major changes taking place at one time and how much they were going to improve revenue especially since it had been declining. Response, the enhancements are long overdue. When cash is flying out of the door and enhancements are not expected to increase a declining revenue stream, then something is terribly wrong. I inquired about having multiple vendors providing the same type of service and the number of vendors should be reduced. No one questioned anything because if the business leadership needs the service then we ensure they receive with no questions asked. In my short time it seemed that almost every HQ group had no idea what the other HQ groups were trying to accomplish and everyone working against each other while hiring multiple vendors to provide the same type of work. As I would attempt to locate the correct person to speak with about an issue it reminded me of the three stooges where they are facing different directions and Moe says on the count of three, point to your right.
I realize almost everything I have written is already known by most and better than I will every know based on what I encountered during my short tenure.
I wish everyone well and after beginning a new job you may realize how negative the culture had become. I took a voluntary separation package after working 28 years for the same company and had no idea how toxic it had become, because the changes were a little each year without realizing but the aggregate of those changes are unbelievable based on the beginning work date to the end work date.
It's all irrelevant now.
Well said. Those of us who did speak up were quickly shown the door. Believe me we tried. The poor decisions coming from the board and the very top doomed us no matter how hard we tried .
You'd have to go back further than five years to right that train wreck
Well said
👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻🙏🏻
Sears all over again.
Bravo!
Don't be sorry. The reaming was justified.