After a disappointing holiday season, Bed Bath & Beyond CEO Mark Tritton knows he still has plenty of work ahead of him to turn the business around.
said Tuesday it plans to spend about $600 million this fiscal year on share repurchases and debt reduction, and up to $400 million on store remodels and supply chain upgrades.This is breaking news. Please check back for updates.
Bed Bath & Beyond said it would continue to assess the future of its other retail brands, such as Christmas Tree Shops, World Market and buybuy Baby, and real estate. It has roughly 1,500 locations under various banners.with an affiliate of Oak Street Real Estate Capital, netting it $250 million in proceeds.
Last week, Bed Bath & Beyond said sales during the first two months of its fiscal fourth quarter were hurt by heightened promotions, falling store traffic and inventory management issues.The report ignited fears on Wall Street that a turnaround with Tritton is going to take longer than initially anticipated.
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