Six top executives at Bed Bath & Beyond have been let go by the company’s CEO.
The strange shakeup comes just months after the drama between the company’s founders, its executives, and investors.
The retail industry’s shift to online shopping hasn’t gone well at BB&B. Competition has put a serious strain on the company’s business. Chief Executive Mark Tritton explained that these changes are “the first in a number of important steps we’re taking.” The search for new permanent executives has already begun. Five of the six executives that left were reportedly fired, while the chief brand officer chose to resign. “We’ve helped millions of people make it easy to feel at home for almost half a century and our business remains uniquely placed to play an essential role in our customers’ lives. To do so, we need to make the business we call home, as special as our customers make theirs,” Tritton explained.
The troubles at BB&B have been carrying on for some time now. The company has reported a decline in sales for the last ten quarters in a row. The most recent fiscal year also saw the company report its first annual loss as a public company. Amid mounting pressure from investors, BB&B removed several directors, including the company’s founders, earlier this year. The company has since been reviewing its portfolio and strategy in a rush to catch back up. Shares in the company fell below $8 this summer, but have since rallied.