Bed Bath Beyond BBBY is giving its turnaround CEO the boot after delivering anything but a turnaround.
The struggling retailer said Wednesday CEO Mark Tritton is leaving the company and board, effective immediately. On an interim basis, the retailer will be taken over by board member and retail veteran Sue Gove.
Bed Bath Beyond didn't want to make Gove available for an interview with Yahoo Finance.
The decision to remove Tritton — who was brought in again in 2019 after a very successful operation stint at Target TGT — comes after another disastrous quarter for the company.
Bed Bath saw same-store sales crash 27% at its namesake brand, as shoppers pulled back discretionary purchases while also shunning a more upscale push with fewer coupons at the company. Operating profits came in at $224 million.
The company ended the quarter with a worrisome $107 million in cash, and promised it would be in active searches for a permanent CEO. The company has a baby business that could be sold, according to buybuy BABY.
In pre-market trading, shares fell 17%. Shares of Bed, Bath Beyond, which have more than tripled during the meme market of late 2020 and early 2021, are down over 80% from the highs reached in early '21.
Brian Sozzi is an anchor at Yahoo Finance and an editor-at-large. You can follow Sozzi on Twitter and LinkedIn.