CEO Marcus Lemonis tells ‘The Big Money Show’ that Bed Bath & Beyond will reopen 300 stores across the country – except for California – while blasting high costs, tough regulations, and weak crime enforcement.
Bed Bath & Beyond on Monday named Executive Chairman Marcus Lemonis as its CEO.
In a letter to shareholders on Monday, Lemonis, who will continue as executive chairman, outlined plans to help the company reduce costs and pursue expansion opportunities, including acquisitions.
CAN WASHING BED AND TOPS GET BACK OFF?
“I’ve always felt that home ownership is the foundation of the American Dream. Whether someone is renting their first apartment, living in student housing, buying their first home, or settling into a forever home, we want Bed Bath & Beyond to be associated with making that journey more affordable, accessible, and less overwhelming,” said Lemonis.
Marcus Lemonis will continue to serve as executive chairman. (Noam Galai/Getty Images)
The company owns Bed Bath & Beyond, Overstock, buybuy Baby and Kirkland’s Home, as well as other brands related to websites and a portfolio of blockchain assets including tZERO, GrainChain and other assets.
Lemonis said his core business is stable, and he is now making plans to help return Bed Bath & Beyond, once a leading home goods retailer, to profitable growth.
This includes prioritizing an omnichannel retail model and increasing the number of its revenue streams. For example, Lemonis said he plans to expand beyond selling home furnishings to include quality services such as warranties, insurance products and financing tools.
BED BATH & BEYOND BRAND RETURNS TO MEAT STORES
Lemonis said Bed Bath & Beyond’s core business is stable, and he is now making plans to help return the retailer to profitable growth. (Scott Eells/Bloomberg via Getty Images)
In addition, the company plans to create tools and services that help customers in big moments related to the home, all linked by AI technology. This will generate more cash for the company, which struggled for years before filing for bankruptcy and closing all of its stores in 2023.
Lemonis also told shareholders that the company will “pursue acquisitions and investments where we see gaps in categories, consumer services, business partnerships, or organic product extensions within the next 12 months.” He did not provide details on what opportunities the company is currently pursuing.
BED WASHING AND CLOSED STORES: THESE COMPANIES ARE COMING
In September, Bed Bath & Beyond entered into a strategic partnership and acquisition involving Kirkland’s Home, a home decor retailer. Bed Bath & Beyond has acquired the Kirkland’s Home trade name and related brand assets for approximately $10 million and is increasing its investment in Kirkland’s operations.
In September, Bed Bath & Beyond entered into a strategic partnership and acquisition involving Kirkland’s Home, a home decor retailer. (Justin Sullivan/Getty Images/Getty Images)
The move was part of a broader strategy to convert Kirkland’s Home stores into Bed Bath & Beyond Home locations to reclaim the space it once had. The pending Kirkland transaction is expected to add approximately $350 million to the company’s revenue, according to Lemonis.
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In its heyday, Bed Bath & Beyond was a retailer with hundreds of stores nationwide that carried a wide variety of bedding, kitchen items and home essentials. Its 20%-off coupons have become a defining feature of the brand.
