Bed Bath & Beyond names interim CEO Gove to permanent post
Oct 26, 2022, 6:17 AM | Updated: 6:38 am
Bed Bath & Beyond has named Sue Gove as its CEO, after having served in the role on an interim basis since June.
“During her tenure as interim CEO, Sue took consequential actions to increase liquidity and establish the groundwork to improve customer loyalty, traffic, and market share,” Harriet Edelman, independent chair, said in a statement.
The home goods retailer said Wednesday that Gove will continue to serve as a board member.
Last month Bed Bath & Beyond reported that its fiscal second-quarter sales dropped 28%, but managed to meet Wall Street’s view.
The chain has accelerated markdowns and some promotions to deal with inventory issues. It’s looking to cut costs by about $250 million in the second half of the year to boost its available cash.
Bed Bath & Beyond previously announced that it would be closing some stores and laying off workers in a bid to turn around its beleaguered business. The company said that it would shut about 150 of its namesake stores and slash its workforce by 20%.
Shares of Bed Bath & Beyond Inc., which is based in Union, New Jersey, fell more than 7% before the market open after a 24% rally on Tuesday.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.