TRENTON, N.J. (AP) – Six senior executives were ousted at Bed Bath & Beyond, the first major maneuver by a new CEO that the retailer recruited from Target to reinvigorate pallid sales.
The departures announced recently include the company’s chief merchandising officer, marketing officer, digital officer, it’s general counsel and its chief administrative officer. The company’s chief brand officer resigned last week.
Bed Bath & Beyond has been hammered by the likes of Amazon.com and also the discount home furnishing chain HomeGoods. The chain has had a three-year decline in same-store sales growth, while sales growth has dropped for three consecutive quarters. Gross income has dropped for 10 straight quarters.
The holiday shopping season environment was projected to be challenging. Retail sales increased a seasonally adjusted 0.2% in November, down from 0.4% in the previous month, according to the Commerce Department, and that’s including a strong showing on car lots. If auto sales are removed, sales ticked up just 0.1%.
Bed Bath & Beyond Inc. also runs Buy Buy Baby, Christmas Tree Shops and Cost Plus World Market.