The fall is staggering....
Thinking about the Whys - it comes down to Execs who all thought they knew better, chose to not listen and not understand what made BBBY a powerhouse retailer - they all knew better. No doubt changes needed to have, but when you destroy a culture, you destroy a company. In the end, they chose to fight the symptoms and not the disease.
As for Melnick - smoke in mirrors bruh. Track record of leading and being dismissed from 2 companys that are both bankrupt - well done. Take tour corny convos elsewhere.
And Tritton - egos dont win in distressed business. Mimmicking one retailer to another....yeah, that didnt work either. The customers and the stores were telling you this - and yup, ego got in the way. Btw, appreciate all the cute Fri talks
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It is actually CRIMINAL to sell beyond plus to customers KNOWING that they will never get their year use out of it. We should be ashamed to be even thinking of selling this program, and I for one have refused to stoop that low.
Sorry, Wallys and Target are not on the decline like BBBY is. Cannot quite buy the economy thing as an equal factor. Fools for corporate management is more like it. People may buy LESS everywhere but they still buy more than they do at BBBY.
Senior management is ultimately responsible...bad, selfish decisions. The economy is also to blame. Families are struggling to make ends meet. Big time. Bed Bath and Beyond will not draw customers who can't pay the mortgages/rents, have high energy costs, health care costs, food costs etc. The aforementioned come before new sheets, pillow cases etc. If we are going to blame someone we should be fair.
Let's not forget about the clowns who worked in Corporate. Could have started multiple circuses with all the talent housed in Union.
Too many imperious clowns from SDM up who had no real knowledge of what was going on at this train wreck since 2016. Any good managers bailed because they were not being heard. This cannot be seen as a steep decline if you worked on the sales floor.
In our district we have to report our reward plus, credit card apps, and sales everyday at 1, 3, 5, and closing. We have nothing on the shelves, hoping our manifested trucks arrive.
All the issues that got us to where we are today were top down issues not bottom up problems. From ST, MT and now SG they all squeeze the bottom to increase their performance instead of looking in the mirror and addressing their failures. Getting the increased pressure to get rewards plus or else, hourly updates needed, action plans etc. Now digging up the conversion skeleton and adding it and sales forecast to the beat down mix. All of us wonder day to day if we have a job next week and the will squeeze us harder right to the end.
Wow spot on! Exactly they knew we didn't now we all pay the price except most don't have a golden parachute. Those are getting fewer and fewer.
The OP is 100% correct! I couldn't have summed it up better. Mismanagement ki---d this company.