Is Bed Bath & Beyond Stock a Buy?
Home goods retailer Bed Bath & Beyond (NASDAQ: BBBY) looked oh-so-close to a turnaround. It hired a proven retail chief in Target executive Mark Tritton in October as its new CEO, finally filling the vacancy left behind by Steven Temares' resignation in May of last year. Then, in December, almost every executive besides Tritton stepped down. While disruptive, the clean slate would allow Bed Bath & Beyond to begin the difficult process of rebuilding itself for relevancy in the 2020s. Tritton even picked out his first new deputy in March, choosing Walgreens Boots Alliance Chief Merchandising Officer Joe Hartsig to do the same job for Bed Bath & Beyond's stores.
And then, the coronavirus pandemic took hold, shutting most retailers down for far longer than any of them might have initially expected. Bed Bath & Beyond is one of those mothballed retailers. Its buybuy BABY stores are still open and its namesake stores offer curbside pickup for online orders, but it's waiting for the day when it can finally reopen its doors.
It will eventually reopen those closed locations too. That's not a reason to step into a new position in Bed Bath & Beyond though, now or later. It may not be fair, but the home goods chain may have been dealt a critical blow that could take months -- if not years -- to overcome.
Source Fool.com
