Some Bed Bath & Beyond stores have over 80,000 square feet-the average is 45,000 square feet-of selling floor and offer more than 300,000 different items, stacked literally from floor to ceiling. In the mid-1980s, Bed Bath & Beyond was a pioneer in the concept of superstores: large, well-stocked specialty shops with prices allegedly comparable to, or lower than, department store sale prices. Throughout the company's short history, bigger has proven to be better. The company has a chain of over 300 stores that sell such domestic merchandise as bed linens, bath accessories, kitchen textiles, cookware, dinnerware, kitchen utensils, small electric appliances, and basic home furnishings. operates the largest houseware goods specialty stores in the United States. I’d give them a big check mark for that and … to quickly elevate an interim financial leader who would have credibility within the organization and to have both of those individuals ready to step in …don’t discount how important that is,” Meyer said.īed Bath & Beyond, in an email Tuesday, wrote that Crossen has “the full support of the organization, the board and our outside advisors.NAIC: 442299 All Other Home Furnishings Stores 442291 Window Treatment Storesīed Bath & Beyond strives to provide a large selection of items and superior service at everyday low prices within a constantly evolving shopping environment that is both fun and exciting for customers.ġ971: Feinstein and Eisenberg establish Bed 'n Bath.ġ985: Seventeen stores operate in New York, New Jersey, Connecticut, and California, and the first superstore is opened.ġ987: The company's name is changed to Bed Bath & Beyond.ġ994: Electric appliances are added the store's product offerings.Ģ000: The firm grows to 311 stores in 43 states.īed Bath & Beyond Inc. “I would actually give Bed Bath & Beyond credit for the fact that they had a board member who could step in and be qualified for it. Meyer also said it was a positive move for the company’s board to tap Sue Gove, an independent director of the board with retail industry experience including as CEO of Golfsmith International, to take the interim position in June. Keith Meyer, global leader of the CEO and board practice at executive search firm Allegis Partners, said Crossen was the right choice for the period of crisis that Bed Bath and Beyond is currently in. “An external interim can really clean things up and create a soft landing for your long-term hire.” “In this case they need an agent of change,” Cole said. For a company facing turmoil both operationally and on the legal front like Bed Bath & Beyond, bringing a CFO in from the outside the company that is “battle-tested” and able to bring fresh eyes to books and finances can help right the ship, give investors more confidence and steady the waters better than an interim CFO chosen from within the firm, he said. So this woman coming in, she’s at least got some historical knowledge of what has occurred at this business for the last 20 years,” Katz said in an interview. “Do I think she’s the right person permanently? She’s been in the position for one day … everybody needs to step back and give the company a little grace to figure out what’s going on.”Ĭowen Partners’ Cole said in an interview that the company may need to take a two-step approach to finding a permanent CFO. “Given that there’s nobody left in the C-suite that has been with the company for any period of time, all that institutional knowledge is gone. She provides the hands on experience that the company needs, both in the wake of Arnal’s death and the recent exodus of a slew of top management - including CEO Mark Tritton in June and Chief Operating Officer John Hartmann last week.Ĭrossen’s background not only makes sense for an interim CFO, but it’s also not realistic to think that a company could find an external CFO within days after an unexpected death, said Morningstar analyst Jaime Katz. Initially at least, many agree that Crossen, who has been with the company for over 20 years, was a smart and logical choice. “Let this be a wake-up call to make sure a succession plan is in place,” Shawn Cole, president of the boutique executive search firm Cowen Partners, said in an interview. One thing that executive search experts agree on is that that the lack of permanent leaders at Bed Bath & Beyond - an embattled company now led by interim CEO Sue Gove who will work with Crossen - highlights the pressure that boards face and the complex decisions that they must quickly make when they lose a key C-suite leader like Arnal unexpectedly.
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