Marcus Lemonis Assumes Role of CEO and Executive Chairman at Bed Bath & Beyond
Executive Chairman Marcus Lemonis tells ‘The Big Money Show’ that Bed Bath & Beyond will relaunch 300 stores nationwide — excluding California — while blasting high costs, strict regulations, and weak crime enforcement.
Bed Bath & Beyond on Monday named Executive Chairman Marcus Lemonis as its new chief executive.
In a letter to shareholders on Monday, Lemonis, who will continue serving as executive chairman, outlined plans to help the company cut costs and pursue expansion opportunities, including acquisitions.
CAN BED BATH & BEYOND PULL OFF A COMEBACK?
“I have always felt that home ownership is a bedrock 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 those journeys more achievable, more affordable, and less overwhelming,” Lemonis said.
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, along with other related brands and websites, including a blockchain asset portfolio that features tZERO, GrainChain, and more.
Lemonis stated that the core business is now stabilized, and he is laying out plans to return Bed Bath & Beyond, once a leading home-goods retailer, to profitable growth.
This strategy includes prioritizing an omnichannel retail model and expanding revenue streams. Lemonis aims to diversify offerings beyond household goods to include high-margin services such as warranties, insurance products, and financing tools.
BED BATH & BEYOND BRAND IS COMING BACK TO PHYSICAL STORES
Lemonis said that Bed Bath & Beyond’s core business is stabilized, and he is now laying out plans to help return the retailer to profitable growth. (Scott Eells/Bloomberg via Getty Images)
Additionally, the company plans to develop tools and services that assist customers during significant home-related moments, all integrated with AI technology. This initiative aims to generate additional revenue for a company that has faced challenges in recent years, including a bankruptcy filing and the closure of all its stores in 2023.
Lemonis also informed shareholders that the company will “pursue acquisitions and investments where we see category gaps, consumer services, business synergies, or natural brand extensions through the next 12 months.” However, he did not provide specifics on the opportunities currently being explored.
BED BATH & BEYOND SHUTTERED STORES: THESE COMPANIES ARE MOVING IN
In September, Bed Bath & Beyond entered into a strategic partnership and acquisition involving Kirkland’s Home, a home-decor retailer. The company acquired the Kirkland’s Home trade name and related brand assets for approximately $10 million, while also expanding 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)
This acquisition is part of a broader strategy to convert existing Kirkland’s Home stores into Bed Bath & Beyond Home locations, aiming to rebuild the physical footprint the brand once had. The pending Kirkland’s transaction is projected to add approximately $350 million to the company’s net revenue, according to Lemonis.
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In its prime, Bed Bath & Beyond was a retail powerhouse with hundreds of expansive stores nationwide, offering a wide range of bedding, kitchenware, and home essentials. Its iconic 20%-off coupons became synonymous with the brand.
Executive Chairman Marcus Lemonis tells ‘The Big Money Show’ that Bed Bath & Beyond will relaunch 300 stores nationwide — excluding California — while blasting high costs, strict regulations, and weak crime enforcement.
Bed Bath & Beyond on Monday named Executive Chairman Marcus Lemonis as its new chief executive.
In a letter to shareholders on Monday, Lemonis, who will continue serving as executive chairman, outlined plans to help the company cut costs and pursue expansion opportunities, including acquisitions.
CAN BED BATH & BEYOND PULL OFF A COMEBACK?
“I have always felt that home ownership is a bedrock 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 those journeys more achievable, more affordable, and less overwhelming,” Lemonis said.
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, along with other related brands and websites, including a blockchain asset portfolio that features tZERO, GrainChain, and more.
Lemonis stated that the core business is now stabilized, and he is laying out plans to return Bed Bath & Beyond, once a leading home-goods retailer, to profitable growth.
This strategy includes prioritizing an omnichannel retail model and expanding revenue streams. Lemonis aims to diversify offerings beyond household goods to include high-margin services such as warranties, insurance products, and financing tools.
BED BATH & BEYOND BRAND IS COMING BACK TO PHYSICAL STORES
Lemonis said that Bed Bath & Beyond’s core business is stabilized, and he is now laying out plans to help return the retailer to profitable growth. (Scott Eells/Bloomberg via Getty Images)
Additionally, the company plans to develop tools and services that assist customers during significant home-related moments, all integrated with AI technology. This initiative aims to generate additional revenue for a company that has faced challenges in recent years, including a bankruptcy filing and the closure of all its stores in 2023.
Lemonis also informed shareholders that the company will “pursue acquisitions and investments where we see category gaps, consumer services, business synergies, or natural brand extensions through the next 12 months.” However, he did not provide specifics on the opportunities currently being explored.
BED BATH & BEYOND SHUTTERED STORES: THESE COMPANIES ARE MOVING IN
In September, Bed Bath & Beyond entered into a strategic partnership and acquisition involving Kirkland’s Home, a home-decor retailer. The company acquired the Kirkland’s Home trade name and related brand assets for approximately $10 million, while also expanding 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)
This acquisition is part of a broader strategy to convert existing Kirkland’s Home stores into Bed Bath & Beyond Home locations, aiming to rebuild the physical footprint the brand once had. The pending Kirkland’s transaction is projected to add approximately $350 million to the company’s net revenue, according to Lemonis.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In its prime, Bed Bath & Beyond was a retail powerhouse with hundreds of expansive stores nationwide, offering a wide range of bedding, kitchenware, and home essentials. Its iconic 20%-off coupons became synonymous with the brand.
