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, according to a study by DataWeave Inc.
What Happened: Bed Bath Beyond Inc BBBY is struggling to draw customers for the holiday season, because the company can't stock up its stores across the U.S., according to The Wall Street Journal.
In October, Bed Bath Beyond had higher out-of-stock rates compared to other retailers like Home Depot Inc HD, Wayfair Inc W, Kohl s Corp KSS and Lowe s Companies Inc LOW, according to the DataWeave report.
The troubled retailer has been struggling with financial turbulence and leadership overhaul. The company's chief customer officer resigned earlier this month because of the company's latest management change.
There were some challenges under previous 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 stopped shipping 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 others.
Some national brands have said they will not increase production for the company as they are still determining its financial position.