Just posted at Forbes... "But maybe it’s a new way to look at things, and maybe it allows the company to stake out a different territory in the marketplace, one not so focused on price and selection. It should be said that all of the dire predictions about Bed Bath fail to note that the company remains profitable and has a fair amount of cash on its books and a debt level nowhere near financial calamity levels. It isn’t going away anytime soon."
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To Current SM- That was an excellent post. As an hourly employee, I agree with a lot of what you said. This company has deteriorated in the time I've been with it I am seeing once positive managers become more overworked and more embittered every day. It's sad to watch.
As you look inside out, you start to realize that this is the beginning of the end. Not only we are failing our customers, we are failing ourselves. We continue to dig into the same thinking, following the same people, keep doing the same things, and congratulating the same behavior. It starts at the top where they are rearranging the chairs on the decks of titanic and playing music for the patrons.
While that article is correct about the Company having a low debt level and plenty of cash on hand, it fails to point out the obvious -
1) BBB is abandoning its customer base and ignoring the fact that superb customer service elevated the Company one of the few retailers that empowered its employees to “do the right thing”. Today I barely have enough payroll to complete projects and work the truck, much less take care of customers. If the Company wants to brand itself as a customer centric retailer, actions speak louder than words and many customers are starting to pick up on this.
2) The CEO needs to go and allow someone new take control of the Company. Steve has failed to keep up with changing times in brick and mortar retail, and as a Company we struggle to compete, both online and in-store. He misled investors, inflating stock prices through shady buybacks knowing the stock prices weren’t worth what they were being sold for. Steve also seems to think buying other businesses is a good idea when the Company is struggling instead of investing the money into BBB.
3) Regional and District management’s expectations are growing with an increased work load and dramatically reduced payroll. When reaching out for help, I’ve been told, “Just do what you have to do, if you have to stay all day, that’s what we have to do.” Upper level management doesn’t have an answer or solution to the growing workload and reduced payroll because they were managers at a time when the Company used payroll needed to get things done.
Many are leaving because of the non-existent work-life balance. Many are leaving due to the uncertainty ahead regarding potential layoffs. Ask around - many are unhappy with the way things are going, but if the Company continues running things as they have, many stores will be shuttered or management will burn out and seek employment elsewhere. I love this Company and as a SM, I try to maintain a store with a stress free atmosphere and take the burden off my people, but that is becoming harder to do lately. I’m not sure of what’s ahead for this once great Company, but to dismiss people coming to this site as disgruntled or bitter is naive. I believe that there are many disgruntled current employees, but I truly don’t believe they want to see the Company fail. Many are like myself, holding out hoping things are restored to how they were 15-20 years ago.