After continued pressure from an activist investor group, Bed Bath & Beyond has announced the departure of long-time CEO Steven Temares.
bed bath and beyond
An activist investor group, Legion Partners Holdings, Macellum Advisors and Ancora Advisors, said that Legion has filed a complaint in the U.S. District Court, Southern District of New York against Bed Bath & Beyond regarding the group’s proxy fight.
A group of activist investors, Legion Partners Holdings, Macellum Advisors and Ancora Advisors, have stepped up their efforts to make changes at Bed Bath & Beyond, issuing a new statement regarding what it said are recent “misleading claims and shareholder-unfriendly actions from Bed Bath & Beyond.”
Following Bed Bath & Beyond’s recent changes to its board, an activist investor group composed of Legion Partners Holdings, Macellum Advisors and Ancora Advisors, have released a presentation outlining its strategic plan for the retailer. Within hours, Bed, Bath & Beyond responded.
An activist investor group comprised of Legion Partners Holdings, Macellum Advisors and Ancora Advisors has released a statement commenting on Bed Bath & Beyond’s announcement of certain changes to its board of directors:
For the fourth quarter ended March 2, and under pressure from activists to make board of directors and other changes, Bed Bath & Beyond posted a net loss of $253.8 million, or $1.92 per diluted share, versus earnings of $194 million, or $1.41 per diluted share, in the period a year prior.
To further its strategy of becoming a destination for a greater range of home-oriented buying occasions, Bed Bath & Beyond is rolling out its first-ever private label whole home brand. Designed by Bed Bath & Beyond, the Bee & Willow Home brand encompasses home décor, furniture and textiles.
In the fiscal third quarter ended December 1, Bed Bath & Beyond experienced erosion in earnings and comparable store sales as it remains focused on internal initiatives to build store and omnichannel capabilities.
One Kings Lane, a division of Bed Bath & Beyond, recently opened its first New York City store in a landmark building set amid Manhattan’s trendy Soho neighborhood as a location where it could interact directly with Big Apple shoppers.
The July 23 issue of HOMEWORLD BUSINESS® features the 19th annual Impact Merchants special report. Housewares suppliers, representing the categories that HomeWorld covers, once again were asked to nominate buyers and merchandisers believed to have made a significant impact during the past year.
At the company’s annual meeting today, June 29, Bed Bath & Beyond executives emphasized the company’s commitment to develop omnichannel capacities to meet its goals of being the consumers’ expert advisor on the home as they go through their various life phases and “heart-felt” life events.