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Bed, Bath, and Beyond Banks on New Accounting Exec. as Sales Plummet

Bed, Bath, and Beyond Banks on New Accounting Exec. as Sales Plummet

Former retail giant Bed, Bath, and Beyond has been struggling in recent years, and is now banking on a new accounting executive as sales continue to plummet. 

CNBC reports:

The company said Laura Crossen will take over as the senior vice president of finance and chief accounting officer, replacing John Barresi, who resigned earlier this month after stepping into the role in May of last year. Crossen has been with the company since 2001, most recently as senior vice president of treasury, tax and finance transformation.

This move comes just one day after the one-time mega-retailer confirmed it was replacing CEO Mark Tritton, a Target veteran who joined the company in 2019 just before the COVID-19 pandemic.

Tritton had been working, without great success, to grow the company's online presence as traditional retail stores have suffered. By January 2022, Bed, Bath, and Beyond had "closed roughly 170 locations thus far and is still on track to hit 200 by year-end."

Sue Gove will serve as interim CEO until a permanent replacement can be found. In a PR statement, Ms. Gove said:

"We must deliver improved results. Our shareholders, Associates, customers, and partners all expect more. We are committed to providing customers with a one-stop destination to meet their needs through our assortment, experience, and services, whether online or in stores. Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet, and robust digital capabilities will all be important to our success. I'm eager to start working more closely with our leaders and our Associates across all banners to make the necessary strategy adjustments and create a brighter future for Bed Bath & Beyond Inc."

The home goods company's executive shakeup came after it "saw its sales fall to $1.46 billion in its most recent quarter ended May 28, down from $1.95 billion a year ago."

Although Bed, Bath, and Beyond leadership indicated they anticipate a rebound by the end of 2022, a specific financial forecast was not provided. Stock shares for the retailer (NASDAQ: BBBY) are down by over 60% on the year.

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