On November 4, 2019, Mark Tritton, previously chief merchandising officer at Target, started as Bed Bath & Beyond's CEO. Mary Winston, who had been appointed to the company's board as a result of the activist investment firms' efforts, replaced Temares as interim CEO. On May 13, 2019, Bed Bath & Beyond announced that CEO Steven Temares would step down "effectively immediately" and would resign his seat on the board of directors. On April 13, 2019, there was a report that the chain would close 40 stores but open 15 new locations. This pressure led five independent directors to step down on April 22, 2019, and also resulted in the company restructuring its board to include only 10 directors instead of the previous 12 members. The activist investors highlighted several instances of perceived nepotism, including the acquisition of Buy Buy Baby, which was founded by two of Bed Bath & Beyond co-founder Leonard Feinstein's children, and the acquisition of Chef Central, which was created by co-founder Warren Eisenberg's son, as examples of poor business practices at Bed Bath & Beyond. In March 2019, three activist investment firms-Legion Partners, Macellum Advisors, and Ancora Advisors-announced their intent to remove current CEO Steven Temares and restructure Bed Bath & Beyond's current board of directors.
In 2016, the company acquired One Kings Lane, a luxury furniture e-commerce retailer the following year, the company acquired Decorist, an online interior design platform.
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In 2012, the company acquired Cost Plus World Market for $495 million. By 2011, Bed Bath & Beyond had 1,142 stores. Five years later in 2007, the company acquired Buy Buy Baby, a chain of baby supply stores founded by Feinstein's sons, and began international expansion, opening their first Canadian store in Richmond Hill, Ontario. In 2002, Bed Bath & Beyond acquired Harmon Discount Health & Beauty, later renamed Harmon Face Values. That year, Bed Bath & Beyond reached $1 billion in sales for the first time. The chain's 100th store opened in Irvine, California in October 1996 the 200th, in Palm Beach Gardens, Florida, followed less than three years later in August 1999. The company adopted integrated computer-based inventory management systems in 1993 to better compete with Linens ‘n Things, which had utilized computer inventory management since the late 1980s. The following June, the company made its IPO on the NASDAQ stock exchange. Growth and acquisitions īy 1991, Bed Bath & Beyond had opened seven new superstores in New Jersey, California, Virginia, Illinois, Maryland, and Florida. In order to properly represent the size increase in its retail stores, the company changed its name to Bed Bath & Beyond in 1987. Also in 1985, the first superstore was opened, as an attempt to remain competitive with Linens 'n Things, Pacific Linen, and Luxury Linens. By 1985, Eisenberg and Feinstein were operating 18 stores in the New York metropolitan area and California. In 1971, they opened a store in Springfield, New Jersey, called Bed 'n Bath. As the company suffered financial difficulties, and the two believed that the market would shift toward specialty stores, they decided to leave and form their own company. Warren Eisenberg and Leonard Feinstein worked in management positions at discount store chain Arlan's. The name is also still used by the chain's former Mexican division, which is now independent. įollowing the retail chain's liquidation, its name was adopted by online retailer, which acquired the company's trademarks in a bankruptcy auction. The chain filed for Chapter 11 bankruptcy in April 2023 and liquidated all of its remaining stores, with the last closing on July 30, 2023.
Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada, and was once counted among the Fortune 500 and the Forbes Global 2000. was an American big-box retail chain specializing in housewares, furniture, and specialty items. īed Bath & Beyond in Markham, Ontario, 2018.This location was among the last in Canada, closing in April 2023.īed Bath & Beyond Inc. at the Wayback Machine (archived )įinancials as of February 26, 2022.
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