Bed Bath & Beyond Inc. 01-08-44 5.165% US075896AC47 (2 lettori)

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Bed Bath & Beyond nomina un direttore finanziario ad interim

Bed Bath & Beyond Inc. ha nominato la sua responsabile della contabilità e vicepresidentessa senior per le finanze Laura Crossen come direttrice finanziaria ad interim in seguito alla morte di Gustavo Arnal, si legge nel documento normativo che l'azienda ha inviato alla Securities and Exchange Commission (SEC) degli Stati Uniti lunedì e reso pubblico martedì.

Secondo il documento, la Crossen continuerà a svolgere il suo ruolo di responsabile della contabilità in aggiunta al suo nuovo incarico ad interim.

Arnal è morto venerdì in quello che l'ufficio del medico legale di New York ha definito un suicidio. In seguito alla sua morte, le azioni di Bed Bath & Beyond sono crollate di oltre il 16% nelle contrattazioni premarket e di oltre il 15% poco dopo l'apertura del mercato.
 

pietro17elettra

Nonno pensionato
UPDATE 4-Bed Bath & Beyond shares fall 18%; company names new CFO
Oggi 00:05 - RSF
(Adds analysts' comments, details on Arnal's share sale, RC Ventures declining to comment, company background)
By Siddharth Cavale
Sept 6 (Reuters) - Shares of Bed Bath & Beyond Inc (BBBY.O), which has grappled with slumping business and shaken up management in recent months, fell nearly 20% on Tuesday in the first full day of trading after the sudden death of its chief financial officer.

The home goods company on Tuesday named accounting head Laura Crossen as interim chief financial officer following the death of finance chief Gustavo Arnal, according to a regulatory filing.

Arnal, 52, jumped from a New York skyscraper on Friday and his death was ruled a suicide. (news)
He had been named as a defendant last month in a lawsuit accusing the company of artificially inflating the stock price.

"Bed Bath & Beyond is in a challenging financial position, without a permanent CEO, and another gap in the senior leadership makes it harder to remain focused on execution," Telsey Advisory Group analyst Cristina Fernandez said, attributing the stock's drop to Arnal's death.

Once known for providing shoppers with 20%-off coupons, Bed Bath & Beyond's fortunes have declined after its moves to revamp shelves with more private-label products flopped and led to the firing of CEO Mark Tritton earlier this year. [[nL4N2YG2C9]
Tritton was replaced by board member Sue Gove as interim CEO on June 29.

The chain is now focusing more on national brands, and last week said it would close 150 stores and cut jobs in an attempt to turn around its business. (news)

On Tuesday, the company elevated Crossen to the interim CFO role a few months after she was named chief accounting officer.

Morningstar analyst Jamie Katz said "uncertainty surrounding a turn around" that has failed to take hold under different management teams remains an investor concern.

The company and Arnal were sued on Aug. 23 over accusations of artificially inflating the firm's stock price in a "pump and dump" scheme, with the lawsuit alleging Arnal sold off his shares at a higher price after the scheme.

Arnal's $1.4 million share sale was executed as part of a corporate "trading plan" - a legal agreement that allows insiders to trade in the company's shares at a predetermined date - which the CFO had entered into in April, securities filings show.

GameStop Corp Chairman Ryan Cohen, who was Bed Bath & Beyond's biggest investor until August when he sold his entire stake of 9.8%, was also named in the lawsuit. (news)

A representative for Cohen's firm, RC Ventures, declined to comment.
Pengcheng Si, the lead plaintiff in the August lawsuit, declined to comment on the litigation.

Bed Bath & Beyond said last week it was "in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit."
"This (lawsuit) is just the opening salvo," Jacob Zamansky, securities arbitration lawyer at Zamansky LLC, told Reuters. He is not connected to the case.

"Whenever there is a large drop like this it is highly likely a big pension fund will come and file a similar lawsuit ... and take over the case," he added. (news)

Shares of the retailer fell 18.4% on Tuesday to close at $7.04.

Nuveen LLC, the New York State Teachers' Retirement System and the California State Teachers' Retirement System are some of the top pension funds holding stakes in Bed Bath & Beyond.




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(Reporting by Uday Sampath and Ananya Mariam Rajesh in Bengaluru, Siddharth Cavale in New York and Matt Tracy in Washington Editing by Krishna Chandra Eluri, Anil D'Silva and Matthew Lewis)
(([email protected]; Twitter: https://twitter.com/sampath_uday
;))
 

pietro17elettra

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Bed Bath & Beyond interim CEO to stay in post for at least a year - source
Oggi 03:56 - RSF
By Siddharth Cavale and Jessica DiNapoli
NEW YORK, Sept 13 (Reuters) - Bed Bath & Beyond Inc's (BBBY.O) interim CEO Sue Gove will likely lead the financially struggling retailer for at least 12 months, a source familiar with the matter said, as the chain looks to bolster its business after seeing sales plummet.

The retailer, which announced a search for a new, permanent CEO in June, will not pick a new leader until well into 2023, two sources familiar with the matter said.

"It's what people want and feel is needed," one of the sources said.

Bed Bath & Beyond appointed Gove, who is on its board of directors and is a retail consultant, as its interim CEO in June. According to her employment agreement, Gove was hired "on an at-will basis" for a one-year term effective June 23.

Her appointment came after the firing of CEO Mark Tritton, following a sales slump and an unsuccessful move into private-label products. (news)

Its chief financial officer, Gustavo Arnal, jumped to his death from a Tribeca skyscraper this month. (news)

A spokesperson for Bed Bath & Beyond did not immediately return a request for comment.

Bed Bath & Beyond faces a critical holiday season where it must show its strategy to turn around its business is reversing sales losses and bringing customers back.

The big-box home goods store has gone through several months of significant upheaval as the chain, once considered a category killer, begins closing stores, cutting jobs and overhauling its merchandising strategy.

In late August, it said it secured commitments for more than $500 million in new financing and that it was in the "earliest phase" in its search for a permanent CEO. (news)

Chewy Inc (CHWY.N) co-founder Ryan Cohen, formerly Bed Bath & Beyond's biggest shareholder, had targeted Tritton's performance as CEO, spurring his departure. Cohen had disapproved of Tritton's $27 million salary and "overly ambitious" strategy. (news)

Cohen, who is also the chairman of Gamestop Corp , held 9.8% of Bed Bath & Beyond's common stock until dumping his shares in mid-August.

Gove has been on Bed Bath & Beyond's board of directors since 2019. She previously was the CEO of Golfsmith International, a specialty golf retailer, and chief operating officer of Zale Corporation, a mall-based jewelry retailer.

(Reporting by Siddharth Cavale and Jessica DiNapoli in New York; Editing by Muralikumar Anantharaman)
(([email protected]; 845-591-4428;))
 

pietro17elettra

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  • Le azioni di Bed Bath & Beyond (NASDAQ: BBBY ) sono aumentate del 5%, spinte dall'annuncio di un nuovo finanziamento anche dopo che la catena di articoli per la casa in difficoltà ha registrato una perdita trimestrale maggiore e un calo delle vendite del 28%, poiché le persone hanno ridotto le spese a metà di decenni. inflazione.
 

pietro17elettra

Nonno pensionato
UPDATE 4-Bed Bath & Beyond says turnaround gaining traction as it posts Q2 loss
29/09/2022 18:06 - RSF
(Adds analyst quotes)
By Arriana McLymore
Sept 29 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday said it is seeing early signs that efforts to clear excess inventory are working and it expects its cash flow to break even in the fourth quarter, even as it reported a bigger-than-expected second-quarter loss.

"Of the owned brand inventory that we targeted and was comprised in our reserve, we've made headway in Q2 through about 1/3 of that inventory," Interim Chief Financial Officer Lauren Crossen told investors.

Once known to be a "category killer" in home goods, Bed Bath's stock and fortunes have slumped after its move to sell more store-branded products flopped and there was a reshuffle of its management team earlier this year.

Bed Bath on Thursday said its current liquidity is $850 million. The company burned through $325 million in the reported quarter. Analysts at UBS have estimated that Bed Bath will burn through $1.5 billion in cash over the next eight quarters.


Enhancing liquidity is critical for Bed Bath as it works to put $500 million in new financing into its turnaround efforts by opening new buybuy Baby stores, cutting private-label brands, offering more in national vendors such as Caphalon and closing more than 150 Bed, Bath and Beyond stores.


Crossen said the timing of continued progress depends on a "variety of factors," including the store closures.


If the company is unable to break its leases and faces push-back from commercial landlords, rent payments, labor costs and possible lawsuits could cause more financial woes.


The company has also stopped remodeling stores and opening Bed Bath-branded locations to save on capital expenditures.

The big-box chain now aims to attract more consumers by dishing out its popular 20%-off coupons, as its customers look for variety and value, Bed Bath and Beyond Interim Chief Executive Sue Gove said during a Thursday earnings call. Bed Bath has a mountain to climb, with people spending less on home goods and furnishings.

While the retailer said it is seeing progress in its merchandising and inventory changes, some analysts are skeptical that the retailer's strategies are sustainable.

Neil Saunders, managing director of GlobalData Retail, said of Bed Bath's plan: "It isn’t particularly compelling, and it will take significant time to enact.

"To be fair, some progress has been made on reducing inventory levels, but we suspect this has been driven by extreme markdowns and write-offs, and there is likely to be further pain on this front before ranges normalize," Saunders said.


Bed Bath reported revenue of $1.43 billion, missing Wall Street estimates of $1.47 billion. The company's net loss was $366.2 million, or $4.59 per share, for the second quarter, compared with a loss of $73.2 million, or 72 cents per share, a year earlier. Excluding items, Bed Bath lost $3.22 per share, compared with estimates for a loss of $1.85.

(Reporting by Arriana McLyore in New York City and Praveen Paramasivam in Bengaluru; Additional reporting by Siddharth Cavale in New York City. Editing by Shounak Dasgupta, Chizu Nomiyama and Mark Porter)
(([email protected]; https://twitter.com/PraveenR_P
; +91 867-525-3569))
 

pietro17elettra

Nonno pensionato
Bed Bath & Beyond Inc. stock underperforms Friday when compared to competitors
Published: Oct. 7, 2022 at 4:39 p.m. ET
By
MarketWatch Automation
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Shares of Bed Bath & Beyond Inc. BBBY, -7.67% slid 7.67% to $5.42 Friday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -2.80% falling 2.80% to 3,639.66 and Dow Jones Industrial Average DJIA, -2.11% falling 2.11% to 29,296.79. This was the stock's third consecutive day of losses. Bed Bath & Beyond Inc. closed $24.64 short of its 52-week high ($30.06), which the company achieved on March 7th.
The stock underperformed when compared to some of its competitors Friday, as RH RH, -3.04% fell 3.04% to $256.84, Container Store Group Inc. TCS, -0.56% fell 0.56% to $5.35, and Macy's Inc. M, -0.51% fell 0.51% to $17.44. Trading volume (6.1 M) remained 47.4 million below its 50-day average volume of 53.5 M.
Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
 

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