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A recent study by DataWeave Inc. reveals that more than 40% of Bed Bath & Beyond's products were out of stock in October, which is close to twice the level in the first half of 2022.
What Happened: Bed Bath & Beyond Inc (NASDAQ:BBBY) is struggling to lure customers for the holiday season, as the company cannot stock up its stores across the U.S., reports The Wall Street Journal.
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In October, Bed Bath & Beyond had higher out-of-stock rates compared to other retailers like Home Depot Inc (NYSE:HD), Wayfair Inc (NYSE:W), Kohl’s Corp (NYSE:KSS), and Lowe’s Companies Inc (NYSE:LOW), according to the DataWeave report.
The troubled retailer has been struggling with financial turbulence and a leadership overhaul. Earlier this month, the company’s chief customer officer resigned in the company's latest management change.
Also Read: What's Next For Bed Bath & Beyond?
In September, Bed Bath & Beyond announced that it would close about 150 of its more than 700 stores and lay off about 20% of its employees as part of a restructuring deal to strengthen its financial condition.
“There were some challenges under prior regimes, but I believe we are on a solid footing to repair the relationships,” WSJ quoted Bed Bath & Beyond Chief Executive Sue Gove as saying. “Our accounts payable are as clean as they have ever been.”
According to the WSJ report, Bed Bath & Beyond suppliers still owe money and have paused shipments to the retailer until they get paid.
In August, the company announced that it would discontinue three of its nine private label brands and reduce the assortment of the others.
However, some national brands have said that they will not increase production for the company as they are still determining its financial position.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.