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Hunting for New CEO Continues at Bed Bath & Beyond Due to the Lower Sales

Shahina Khatun

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The Bed Bath & Beyond Inc. has reported another amount of declining sales and they are still continuing to search for a permanent and long-lasting chief executing officer who can lead this struggling company.

Sales of the dealer has declined around 7% to $2.72 billion in the fiscal 2nd quarter and somewhat a little lower than the expected by the analysis which was polled by the FactSet. The Bed Bath & Beyond Inc. has also reported that the reduction is occurring in every year in the three quarters in sequence. The shares surprisingly have fallen about 3% in the post-market trading. Bed Bath & Beyond Inc. has now been searching for a fresh and modern direction to follow the missteps which left the revenue lower and made the investors unhappy abut the strategy of the company.

The former and initial executive officers said that the company didn’t have a clear view about the strategies and the marketplace. Bed Bath & Beyond Inc. according to its former executives relied only on the coupons to attract the shoppers as well as it left stores totally cluttered which made the shoppers crazier and more devastated to find out their necessary things.

In March this year, three investors of the company called for ouster of the longtime Chief Executive named Steven Temares and told that Bed Bath & Beyond Inc. failed to update the business model. Steven Temares stepped down in May but was succeeded in an interim capacity by the former executive officer of Dollar Tree Inc. named Mary Winston.

On Wednesday, Bed Bath & Beyond Inc. repeated about their progress in finding and hire a new and permanent CEO. Also, Bed Bath & Beyond Inc. is working with another company named Goldman Sachs Group Inc. to evaluate their various and different strategic ways. Bed Bath & Beyond Inc. has revealed their loss which is $138.8 million, and they have now also revamped their board. Now nine more new members have joined at the board recently.

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