{"id":13208,"date":"2024-08-26T18:10:40","date_gmt":"2024-08-26T18:10:40","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/with-new-leaders-and-a-new-plan-will-beyonds-gallery-of-brands-succeed\/"},"modified":"2024-08-26T18:10:40","modified_gmt":"2024-08-26T18:10:40","slug":"with-new-leaders-and-a-new-plan-will-beyonds-gallery-of-brands-succeed","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/with-new-leaders-and-a-new-plan-will-beyonds-gallery-of-brands-succeed\/","title":{"rendered":"With new leaders and a new plan will Beyond\u2019s \u2018gallery of brands\u2019 succeed?"},"content":{"rendered":"<p> <p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/>\n<\/p>\n<div>\n<div class=\"text-to-speech\">\n    <button class=\"text-to-speech__button button\"><br \/>\n            <img decoding=\"async\" class=\"text-to-speech__button__icon\" src=\"https:\/\/www.retaildive.com\/static\/images\/audio_icon.svg?482016190122\" alt=\"\"\/><br \/>\n            Listen to the article<br \/>\n            <span class=\"text-to-speech__button__audio-length\">13 min<\/span><br \/>\n    <\/button><\/p>\n<div class=\"text-to-speech__controls\">\n        <audio controls=\"\" class=\"js-text-to-speech\" preload=\"none\"><source src=\"http:\/\/res.cloudinary.com\/dmgi9movl\/video\/upload\/q_1\/v1724688941\/news\/text_to_speech\/with-new-leaders-and-a-new-plan-will-beyonds-gallery-of-brands-succeed_e1lgel.wav\" type=\"audio\/mp3\"><\/source><\/audio><\/p>\n<div class=\"text-to-speech__controls__text\">\n            This audio is auto-generated. Please let us know if you have feedback.\n        <\/div>\n<\/p><\/div>\n<\/div>\n<p><span><span><span><span><span>Just over<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> a year ago, it appeared Bed Bath &amp; Beyond was done.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>After years of floundering, failed attempts to raise cash and mass layoffs, the retailer <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>filed for Chapter 11 bankruptcy<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>after over five decades in business<\/span><\/span><strong><span><span> <\/span><\/span><\/strong><\/span><\/span><\/span><span><span><span><span><span><span>in April 2023<\/span>.<span> At the time, Bed Bath &amp; Beyond had $1.8 billion in debt and 360 stores in the U.S.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>I<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>n the long lead-up to that move, some of the company\u2019s decisions, like pursuing a <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>private label strategy<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> that <\/span>made<span><span><span><span><span><span> <\/span><\/span><\/span><\/span><\/span>popular name brands <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>hard to find in stores, alienated consumers. The retailer also experienced pandemic-related supply chain challenges.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span><span><span>After 52 years in business \u2014 and <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>two months after seeking Chapter 11 protection and announcing plans to shut down, online retailer Overstock.com <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>last <\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>June <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>won a bankruptcy auction<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> with a $21.5 million stalking horse bid to buy elements of Bed Bath &amp; Beyond\u2019s intellectual property.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Later that month, Overstock said it <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>planned to rebrand<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> itself to Bed Bath &amp; Beyond. Despite the bankruptcy, \u201cthe brand remains strong with consumers,\u201d Overstock\u2019s then-CEO Jonathan Johnson said. Under Johnson\u2019s leadership, the company made several big moves. It relaunched Bed Bath &amp; Beyond\u2019s e-commerce site and <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>changed its corporate name<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> to \u201cBeyond\u201d.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Around the same time, the company decided to discontinue \u2014 but then later relaunched \u2014 the Overstock brand. However, after several quarters of lackluster performance as a combined company, activist investors called for Johnson\u2019s ouster. He <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>left the company<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> in November.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>In his place, those investors, led by John Thaler, founder of investment firm JAT Capital, advocated for and ultimately succeeded in getting businessperson and former TV personality Marcus Lemonis appointed executive chairman of Beyond\u2019s board of directors. Lemonis acknowledged his leadership ascension was unusual.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cSo in December of 2023 \u2026 I kicked down the door,\u201d Lemonis said in March during a <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>keynote speech<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> at The Inspired Home Show in Chicago. \u201cAnd for those of you that are in the industry, my arrival to the company was less than conventional. I came through an activist investor and pushed all the idiots out of the room. And I have no problem saying that.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Lemonis said during a <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>February earnings call<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00a0<span><span><span><span><span><span>that shutting Overstock down \u201cwas a fatal mistake.\u201d In addition, Lemonis said past leadership made an error by allowing or pushing Overstock to morph from an off-price retailer to an entity without a distinctive, strong brand identity. Instead, \u201cwhat they did is they took the [Overstock] website and they literally painted it blue and changed the logo. \u2026 And when the company did that, the Overstock customer arrived at the party that they normally went to every single day and they knocked on the door and the people that answered the door were different and they didn\u2019t tell anybody why,\u201d Lemonis said in his Chicago speech.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<div>\n<div class=\"pullquote\" data-widget=\"divepullquote\">\n<hr\/>\n<div class=\"pq-hr-wrapper\">\n<p class=\"pq-quote\">\u201cI came through an activist investor and pushed all the idiots out of the room. And I have no problem saying that.\u201d<\/p>\n<div class=\"pq-headshot\"><img decoding=\"async\" alt=\"\" class=\"pq-headshot-img-hidden\" src=\"https:\/\/d12v9rtnomnebu.cloudfront.net\/diveimages\/corporate_site\/teampage\/square_profiles\/placeholder-200.png\"\/><\/div>\n<div class=\"pq-speaker-details\">\n<p class=\"pq-speaker\">Marcus Lemonis<\/p>\n<p class=\"pq-speaker-title\">Beyond Inc. executive chairman<\/p>\n<\/div>\n<\/div>\n<hr\/>\n<\/div>\n<\/div>\n<p><span><span><span><span><span><span>Today, <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>about a year after declaring bankruptcy,<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> Bed Bath &amp; Beyond is back, but as an online only store. Overstock is back too. And <\/span>late last month, <span>Beyond <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>said it <\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>plans to <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>relaunch online retailer Zulily in <\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span>early to mid-September<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>. At the same time, the company reported a net loss of $73 million for the second quarter. Net revenue fell 5.7% from $422 million a year ago to $398 million for the quarter ended June 30.<\/span><\/span><\/span><\/span><\/span><\/p>\n<h3 class=\"standard-heading\"><span><span><span><strong><span><span>Developing \u2018a gallery of brands\u2019<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n<p><span><span><span><span><span><span>The value in Bed Bath &amp; Beyond and Overstock likely lies in the high brand awareness the two retail banners hold with U.S. shoppers, <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>David Mayer<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>, senior partner for marketing and customer strategy at Lippincott, a brand consultancy, told Retail Dive.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cThey also have sizable active annual customer bases, plus large customer lists,\u201d Mayer said in emailed comments. \u201cBed Bath &amp; Beyond also performs strongly in SEO, being ranked in the top three for over 22,000 unbranded search terms, e.g. second-ranked in Google for the term \u2018bed\u2019 and third for \u2018dining room sets.\u2019\u201d\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<section class=\"storylines-carousel-wrapper hide-small show-large\" id=\"desktop-carousel\"\/>\n<p><span><span><span><span><span><span>Mayer said that means the two brands can potentially reach a large audience searching for relevant products. \u201cReplicating this from scratch would be far more expensive than the investment to acquire the two brands,\u201d Mayer said.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span><span><span>Lemonis, during his Chicago event remarks, said he wants to use Bed Bath &amp; Beyond and Overstock as the foundational elements of a <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span>gallery of brands<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Beyond has continued to tweak its brand portfolio. It acquired defunct e-commerce retailer Zulily for $4.5 million in March. That same month, it announced <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>plans to sell Wamsutta<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>, a bed linen brand, to Indo Count Global for $10.2 million. The company acquired Wamsutta intellectual property in June 2023 as part its purchase of the Bed Bath &amp; Beyond brand and associated intellectual property, according to an SEC filing.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cWith the sale of the Wamsutta IP, the company has successfully recovered approximately 48% of its $21.5 million purchase,\u201d Beyond said in a regulatory filing with the U.S. Securities and Exchange Commission.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Lemonis said in March he envisions Beyond\u2019s brand portfolio <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>that <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>would eventually capture \u201cevery homeowner or renter in America\u201d regardless of their demographic, gender or income. Over time, he said, the company wants to build <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>its <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>gallery of brands <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>ranging<\/span><\/span><strong><span><span> <\/span><\/span><\/strong><\/span><\/span><\/span><span><span><span><span><span><span>from luxury to off-price flash sales <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>that would allow Beyond to connect with everyone. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>\u201cAnd over time, if you give the customer and the vendor a great experience, you\u2019re going to build trust. And if you build trust, then the portfolio companies do fine,\u201d <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>Lemonis said<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<section class=\"storylines-carousel-wrapper show-small hide-large\" id=\"mobile-carousel\"\/>\n<p><span><span><span><span><span><span>As of <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>early August<\/span><\/span><strong><span><span>,\u00a0<\/span><\/span><\/strong><\/span><\/span><\/span><span><span><span><span><span><span>Beyond\u2019s brand portfolio included Bed Bath &amp; Beyond, Overstock, Baby &amp; Beyond, Backyard.com <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>and College Living.\u00a0<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>Zulily, Kids &amp; Beyond <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>and Studio4 Beyond were listed as <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>brands that are <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>coming soon on the company\u2019s website.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cHome furnishing and accessories is a category where there are thousands if not millions of products that reflect the unique tastes that we each have,\u201d Mayer said. \u201cThat means people are willing to spend hours browsing to discover the product that\u2019s right for them; it also makes price comparisons across retailers challenging.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Mayer described Bed Bath &amp; Beyond as \u201ca storied brand\u201d with high search rankings. Mayer said the company\u2019s key challenges going forward will be increasing engagement, maximizing opportunities for shoppers to find unique products, facilitating great shipping experiences and finding opportunities to increase basket sizes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cContent strategy \u2014 meaning what ensures Google continues to rank Bed Bath &amp; Beyond highly \u2014 will be where the brand needs to win,\u201d Mayer said. In contrast, Overstock is in a weaker position, Mayer said, and will need to focus on a target audience or purchase occasions while seeking to build organic ranking performance.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Beyond plans to use Salesforce Data Cloud to unify customer data. \u201cOur work with Salesforce signifies a new era for Beyond, with digital at the forefront of our growth initiatives,\u201d Carlisha Robinson, Beyond\u2019s chief customer officer, said in a May 1 announcement.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cThrough our expanded collaboration, we will harness the capabilities of the Einstein 1 Platform, including Data Cloud, to tap the power of AI and data to reach our customers in a more personalized way and drive loyalty providing the same unique and tailored experience shopping online as they get when they walk into a retail store,\u201d Robinson said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p>\u00a0<\/p>\n<div>\n<figure class=\"inside_story\">\n<div class=\"figure_content\">\n<div><img decoding=\"async\" alt=\"Beyond Inc. executives Marcus Lemonis and Chandra Holt speaking at a trade show\" data-imagemodel=\"158469\" src=\"https:\/\/www.retaildive.com\/imgproxy\/lz4Yn7c_bJll-uMycFB7u7hIgMY4Usylo3xeXbRhGak\/g:ce\/rs:fill:1600:0:0\/bG9jYWw6Ly8vZGl2ZWltYWdlL01hcmN1c19hbmRfQ2hhbmRyYV90b2dldGhlcl9CQkJfa2V5bm90ZS5qcGc.webp\"\/><\/div>\n<\/div><figcaption class=\"inside_story_caption\">\n<p>Marcus Lemonis, left, executive chairman and Chandra Holt former CEO of Bed Bath &amp; Beyond.<\/p>\n<p>Permission granted by The International Housewares Association<\/p>\n<p>\u00a0<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<h3 class=\"standard-heading\"><span><span><span><strong><span><span>Under new management<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n<p><span><span><span><span><span><span>Soon after <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>Lemonis took<\/span><\/span><strong><span><span> <\/span><\/span><\/strong><\/span><\/span><\/span><span><span><span><span><span><span>charge, Beyond <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>selected new leadership<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> to steward Bed Bath &amp; Beyond and Overstock. Chandra Holt <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>who is new to the company, <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>was named Bed Bath\u2019s CEO. Holt <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>has<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> held leadership roles at Walmart, Target and Conn\u2019s HomePlus. <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>Dave Nielsen<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>, who first joined Overstock a decade ago, was named CEO of that banner.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>However, Holt <\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span>left the company in June<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span> after less than five months in the role as part of a C-suite reset. At the same time, Nielsen, who was CEO of the Overstock banner, was named president and oversees marketing, merchandising and supply chain.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cThe leadership team will need to redefine each brand\u2019s DNA, and clearly and strategically communicate the companies\u2019 value proposition to win the hearts and minds of consumers, particularly those who may have walked away given the many changes,\u201d Tricia Logan, managing partner of the global consumer and retail practice at DHR Global told Retail Dive in an email<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Logan said the brands must work to rebuild trust and ignite consumers\u2019 passion. \u201cBoth Overstock.com and Bed Bath &amp; Beyond inspire a level of sentimentality on a general level; the challenge is figuring out how to tap into that to achieve Beyond.com\u2019s aggressive financial plan over the coming years,\u201d Logan said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Beyond\u2019s goals include reaching $2 billion in revenue this year. The company also wants to reach 10 million active customers over the next five years. Beyond expects them to spend $250 on an average order value and buy from the company at least twice a year.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>During her stint at Beyond,<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> Holt said at the Chicago trade show that Bed Bath &amp; Beyond is trying to own the home retail sector by providing a great value proposition across every customer segment. She described the revamped brand as \u201ca more mainstream tier\u201d offering a high-quality, broad assortment with curated depth. <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>Holt also said part of the company\u2019s strategy included offering specialized experiences to customers.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span><span><span>With so many e-commerce experiences available, Holt said some customers may cross their fingers and hope they get something that meets their needs and expectations. She said that\u2019s not the experience Bed Bath wants to offer customers. That\u2019s why the company is working to offer a wide palette of specialized retail banners. \u201cWe know our customers have other needs and those needs, we feel, will be better met with specialized experiences,\u201d Holt said.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>The company is positioning Overstock, which officially relaunched <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span>in March<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>,<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> as an off-price brand, to meet some of those needs. The new Overstock will offer merchandise at 30% to 70% off MSRP.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cThere\u2019s a big segment of customers out there who love this space,\u201d said Holt, who pointed to the success of retailers like TJX and Ross that are \u201cdoing an incredible job\u201d based on their financial performance. Zulily, in contrast, will focus on appealing to customers who like flash sales.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span>In comments shared before Holt\u2019s departure<\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>, Logan said Lemonis, Holt and Nielsen comprised a good leadership team,\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>Logan said.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> All three are known for their customer-first mentality. Additionally, Logan said Nielsen and Holt\u2019s early retail experiences are rooted in merchandising and that perspective will<\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span> <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>be critical to creating points of differentiation from their competitors, Logan added.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cDave brings the institutional knowledge of Overstock.com, and his familiarity with the teams and processes will give him the ability to move the needle far more quickly than an external hire, This is a great advantage when rebuilding, as there will be an innate level of confidence from the employees and board,\u201d Logan said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span><span><span>Conversely, Logan said Holt brought a fresh perspective, which is critical to building the business.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span>For Beyond to achieve its goals, Logan said, the new leadership will need the ability to rally the teams, build collaboration, drive innovative thinking and provide ongoing, transparent communication.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<h3 class=\"standard-heading\"><span><span><span><strong><span><span>Brick and mortar won\u2019t be back<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n<p><span><span><span><span><span><span>One part of the Bed Bath &amp; Beyond experience that is unlikely to return <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>anytime soon<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> are bringing back brick-and-mortar stores. \u201cThere is no plan for our company to spend our dollars bringing Bed Bath and Beyond back in brick-and-mortar where we sign leases and open locations,\u201d Lemonis said. In the U.S., \u201cthat model, financially, just doesn\u2019t work,\u201d he said. Mayer <\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span><span><span>also acknowledged<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span><span><span><span><span><span> Beyond\u2019s reticence and concerns about resurrecting physical stores are appropriate.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cPhysical store networks represent a high fixed cost to maintain and, with the continued rise of internet shopping, are challenging to keep profitable,\u201d Mayer said. However, he added, physical stores do offer benefits. They can serve as venues for hands-on discovery and as marketing vehicles. They also keep the brand top of mind for consumers.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>\u201cIn the short term, Bed Bath &amp; Beyond is benefiting from the memory of its stores,\u201d Mayer said. \u201cOver time, that benefit will fade and we will see whether organic search is sufficient to keep up customer numbers or whether marketing budgets will need to increase.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<div class=\"ed-timeline\" data-source=\"snorkel-form\">\n<h4>Bed Bath &amp; Beyond: A business timeline<\/h4>\n<ul>\n<li>\n<p>1971<\/p>\n<p>Lenny Feinstein and Warren Eisenberg invest $50,000 each to start a specialty linen and bath shop with two locations, Bed \u2018n Bath, in New Jersey and New York.<\/p>\n<\/li>\n<li>\n<p>1985<\/p>\n<p>Bed \u2018n Bath grows to 11 stores in New York, New Jersey, Connecticut and California. The company opened its first big box-style store that year, a 20,000-square-foot location.<\/p>\n<\/li>\n<li>\n<p>1987<\/p>\n<p>Bed \u2018n Bath changes its name to Bed Bath &amp; Beyond to reflect its expanded offering.<\/p>\n<\/li>\n<li>\n<p>June 1992<\/p>\n<p>Bed Bath &amp; Beyond goes public and starts trading on the Nasdaq under the ticker BBBY.<\/p>\n<\/li>\n<li>\n<p>1999<\/p>\n<p>Overstock.com is founded in Salt Lake City, Utah.<\/p>\n<\/li>\n<li>\n<p>2001<\/p>\n<p>Bed Bath &amp; Beyond sales reach over $2 billion. The company ends the year with 300 stores in 43 states.<\/p>\n<\/li>\n<li>\n<p>2002<\/p>\n<p>Overstock goes public under the ticker OSTK.<\/p>\n<\/li>\n<li>\n<p>2016<\/p>\n<p>Overstock\u2019s mobile app surpasses 5 million downloads.<\/p>\n<\/li>\n<li>\n<p>2019<\/p>\n<p>Under CEO Mark Tritton, Bed Bath &amp; Beyond focuses on creating a private-label brand growth strategy. The strategy fails when customers can\u2019t find the familiar, national, name-brand products they\u2019ve come to expect on the shelf.<\/p>\n<\/li>\n<li>\n<p>March 2020<\/p>\n<p>Bed Bath &amp; Beyond temporarily closes its U.S. stores due to COVID-related health mandates.<\/p>\n<\/li>\n<li>\n<p>2021<\/p>\n<p>Bed Bath &amp; Beyond\u2019s net losses reach nearly $560 million.<\/p>\n<\/li>\n<li>\n<p>July 2022<\/p>\n<p>Moody\u2019s downgrades Bed Bath &amp; Beyond, citing declining revenue, EBITDA and profitability.<\/p>\n<\/li>\n<li>\n<p>August 2022<\/p>\n<p>Bed Bath &amp; Beyond announces a turnaround plan, which includes laying off about 20% of its corporate and supply chain staff, the closure of over 150 stores and the discontinuation of three of its nine private labels.<\/p>\n<\/li>\n<li>\n<p>January 2023<\/p>\n<p>Bed Bath &amp; Beyond issues a \u201cgoing concern\u201d warning that it could file for bankruptcy.<\/p>\n<\/li>\n<li>\n<p>April 2023<\/p>\n<p>Bed Bath &amp; Beyond files for Chapter 11 bankruptcy protection in federal court in New Jersey. At that time it secured $240 million of debtor-in-possession loans to continue operations.<\/p>\n<\/li>\n<li>\n<p>June 2023<\/p>\n<p>Overstock.com wins a bankruptcy auction to buy key elements of Bed Bath &amp; Beyond\u2019s intellectual property for $21.5 million.<\/p>\n<\/li>\n<li>\n<p>August 2023<\/p>\n<p>Bed Bath &amp; Beyond relaunches as an e-commerce-only retailer in the U.S.<\/p>\n<\/li>\n<li>\n<p>November 2023<\/p>\n<p>Former CEO Jonathan Johnson, who led Overstock\u2019s acquisition of Bed Bath &amp; Beyond, leaves the newly combined company. Around the same time, the consolidated entity of Bed Bath &amp; Beyond and Overstock changes its name to Beyond.<\/p>\n<\/li>\n<li>\n<p>March 2024<\/p>\n<p>Beyond relaunches Overstock.com. The new e-tail site debuted by offering up to 60% off a selection that includes furniture, rugs, houseware, garden items and jewelry.<\/p>\n<\/li>\n<li>\n<p>May 2024<\/p>\n<p>The company reports a $72 million Q1 net loss, up from $10 million a year ago, and an operating loss of $58 million from $8 million. Beyond\u2019s net revenue was nearly flat for the quarter at $382 million.<\/p>\n<\/li>\n<li>\n<p>May 2024<\/p>\n<p>Beyond Inc. announces the addition of eight people to its leadership team. Four will fill C-suite positions, while the rest will serve in senior vice president, vice president or director roles at Bed Bath &amp; Beyond, Overstock and Zulily.<\/p>\n<\/li>\n<li>\n<p>June 2024<\/p>\n<p>Beyond updates its C-suite by eliminating the Bed Bath &amp; Beyond and Overstock co-CEO roles and expanding its executive chair role. As part of the leadership changes, Chandra Holt, who joined Beyond in February as CEO of the Bed Bath &amp; Beyond banner, left the company. Dave Nielsen, who was CEO of the Overstock banner, is now president and will oversee marketing, merchandising and supply chain.<\/p>\n<\/li>\n<li>\n<p>July 2024<\/p>\n<p>Beyond announces plans to relaunch Zulily in early to mid-September.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div>\n<p><p><a href=\"https:\/\/dmsretail.com\/online-workshops-list\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-496\" src=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\" alt=\"Retail Online Training\" width=\"729\" height=\"91\" srcset=\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png 729w, https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90-300x37.png 300w\" sizes=\"auto, (max-width: 729px) 100vw, 729px\" \/><\/a><\/p><br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Listen to the article 13 min This audio is auto-generated. 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