美国国家公共电台 NPR--Bed Bath & the great Beyond: How the home goods giant went bankrupt

Bed Bath & the great Beyond: How the home goods giant went bankrupt

Transcript¹

A total of 10 shoppers meandered² the vast and visibly sparse³ aisles⁴ of a Bed Bath & Beyond in Northern Virginia on a recent Sunday.

"Is it me or is it particularly cold in here?" one shopper asked another, pushing an empty cart past a wall of identical comforters. She scanned the bare cul-de-sac of home decor that displayed a few mirrors and a scuffed⁵ wall shelf. A fluorescent⁶ light buzzed and flickered⁷ overhead.

Once an unstoppable retailer⁹ — deemed a "category killer¹⁰" for its triumph over many rivals — Bed Bath & Beyond has now filed for bankruptcy¹¹. It plans to begin closing its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores. A vision of this chain's survival is bleak¹².

"I remember thinking it feels like the last days of Sears in here," said Daniel Callahan from Louisville, Ky., about a visit to once-beloved Bed Bath & Beyond a few months ago. "I wound up buying nothing," he said. Soon after, that store indeed shuttered.

Bed Bath & Beyond enters bankruptcy distraught and turbulent, after several misfired turnarounds, abrupt¹³ leadership shakeups, a rise and crash as a meme stock, store closures, job cuts and numerous last-gasp financing deals. For months, the chain has been losing both money and shoppers, struggling to restock shelves as suppliers and banks cut off its tab.

Beneath the chaos¹⁴, the home goods giant has faced a fundamental question: In a world that shops online, swarmed¹⁵ by competitors, where does it fit in?

A cultural icon¹⁶ is born

Launched in 1971 with two towels-and-bedding stores in New Jersey¹⁷, Bed Bath & Beyond grew even through the Great Recession. It outlived its main rival Linens¹⁸ 'n Things, later buying BuyBuy Baby, the World Market and online retailer One Kings Lane. As recently as 2018, the chain had more than 1,500 stores.

Its Big Blue coupon¹⁹ for 20% off, ubiquitous and never expiring, became such a part of the American shopping fabric²⁰ that even mobster Whitey Bulger had one in his kitchen drawer. TV show Broad City built a whole subplot around it. (Bed Bath & Beyond will stop accepting coupons²¹ on April 26.)

The chain also had perfected a secret power play: Unlike most retailers²², Bed Bath let local managers choose what to sell in their stores, catering²³ to the particular tastes of shoppers in their area.

"Floor to ceiling, stack 'em high and watch 'em fly — that was kind of our motto," said Beth Grossfeld, who spent 13 years in the marketing²⁴ division of Bed Bath & Beyond. "And the customers loved it. It was like a treasure hunt. You got what you wanted and 10 other things."

A halting search for identity begins

But over time, Bed Bath & Beyond faced a growing crew of rivals: Amazon, Target, Wayfair and West Elm. The company meandered in a search of its niche²⁵.

"I would go into one meeting and it would be 'we need to be ... the destination for home, more upscale, home decor, more furniture,' " Amy Laskin, a former Bed Bath & Beyond content marketing executive, told NPR.

"The next conversation would be 'we need to be more competitive with Amazon. We need to be the destination with everything,'" she recalled. "The next thing you know, we were carrying diamond jewelry²⁶ like Costco does."

Bed Bath & Beyond seemed equally indecisive about its online presence.

One of its founders²⁷ later acknowledged to The Wall Street Journal that the chain "missed the boat on the internet." It whipped up a dizzying website, but as recently as 2019, ran ads promoting "offline shopping" as its heart remained in stores, with their stacks of cookware, walls of trash cans and piles of pillows.

"We really were going through a kind of an [identity] crisis of trying to compete with our ever-growing competitors," said Grossfeld, who left Bed Bath & Beyond in 2019. "There were a lot of things that we were trying to be that we weren't."

Turnarounds fail to turn things around

That year, in 2019, a push by activist²⁸ investors³⁰ forced out the longtime chief executive and the company's founders who had remained on the board.

The new CEO, Mark Tritton, arrived from Target with a big idea that had worked there: Bed Bath & Beyond would replace big-name brands with its own, more profitable private labels. The chain rushed to "declutter" stores and close 200 underperforming ones. Instead of Ralph Lauren towels and Calphalon pans came new store brands like Everhome and Nestwell.

The timing³¹ proved disastrous³², coinciding with the pandemic supply-chain scramble³³. Just when stuck-at-home shoppers wanted all of what Bed Bath & Beyond normally sells, top items like KitchenAid mixers went missing from its shelves.

Soon, Tritton and other leaders were out — but not before Bed Bath & Beyond spent $1 billion to buy back its own stock. The move benefits shareholders³⁴, and companies sometimes do it when they believe their shares are undervalued.

This conviction was also shared by followers³⁵ of activist investor²⁹ Ryan Cohen of Chewy and GameStop fame. Cohen last year bought a stake in the company, advocating the sale of BuyBuy Baby. His fans on Reddit and YouTube pumped up the stock. Then, just as suddenly, Cohen sold his entire stake.

A future unravels³⁶

For the quarter ending just after Black Friday 2022, the company's losses widened by 42% and sales dipped by a third. In the following quarter, sales dropped even further. Even Grossfeld, a devoted³⁷ fan as a former employee, struggled to shop at Bed Bath & Beyond.

"[I thought] I know the stores like the back of my hand, and I couldn't find anything that I needed to style one bedroom for a photo shoot," she said. "That was kind of a really sad day."

Bed Bath & Beyond strained to turn around the failed turnaround. Executive Sue Gove took the helm with a "back-to-basics" plan to replenish³⁸ the big-name brands, but the brand suppliers were now anxious about ever getting paid. So were Bed Bath's lenders.

In January, the chain defaulted on some of its loans shortly after warning it may go bankrupt. The company announced dozens more store closures and sought breaks on rent. For months, it exhausted³⁹ numerous financial lifelines from banks and investors. Some landlords were reported to be readying new tenants⁴⁰. Its stock price drifted below $1, then below 50 cents.

Bed Bath & Beyond "is at a point where they can't really invest in anything to turn around their fortunes. But even when the company had funds to invest in turning around their fortunes, they didn't show an ability to do so," said David Silverman, who tracks retail⁸ at Fitch Ratings.

He pondered one big question Bed Bath & Beyond raised in its Sunday filing: Could the company sell itself in bankruptcy? Then, he answered it with another, even bigger one: Given all of its existential relapses, what exactly is this business actually worth?

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 meandered   

（指溪流、河流等）蜿蜒而流( meander的过去式和过去分词 )

参考例句：

• A stream meandered towards the sea. 一条小河蜿蜒地流向大海。
• The small river meandered in lazy curves down the centre. 小河缓缓地绕着中心地区迤逦流过。

3 sparse   

adj.稀疏的，稀稀落落的，薄的

参考例句：

• The teacher's house is in the suburb where the houses are sparse.老师的家在郊区，那里稀稀拉拉有几处房子。
• The sparse vegetation will only feed a small population of animals.稀疏的植物只够喂养少量的动物。

4 aisles   

n. (席位间的)通道, 侧廊

参考例句：

• Aisles were added to the original Saxon building in the Norman period. 在诺曼时期，原来的萨克森风格的建筑物都增添了走廊。
• They walked about the Abbey aisles, and presently sat down. 他们走到大教堂的走廊附近，并且很快就坐了下来。

5 scuffed   

v.使磨损( scuff的过去式和过去分词 )；拖着脚走

参考例句：

• I scuffed the heel of my shoe on the stonework. 我的鞋跟儿给铺好的石头磨坏了。
• Polly dropped her head and scuffed her feet. 波莉低下头拖着脚走开了。 来自辞典例句

6 fluorescent   

adj.荧光的，发出荧光的

参考例句：

• They observed the deflections of the particles by allowing them to fall on a fluorescent screen.他们让粒子落在荧光屏上以观察他们的偏移。
• This fluorescent lighting certainly gives the food a peculiar color.这萤光灯当然增添了食物特别的色彩。

7 flickered   

（通常指灯光）闪烁，摇曳( flicker的过去式和过去分词 )

参考例句：

• The lights flickered and went out. 灯光闪了闪就熄了。
• These lights flickered continuously like traffic lights which have gone mad. 这些灯象发狂的交通灯一样不停地闪动着。

8 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

9 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

10 killer   

n.杀人者，杀人犯，杀手，屠杀者

参考例句：

• Heart attacks have become Britain's No.1 killer disease.心脏病已成为英国的头号致命疾病。
• The bulk of the evidence points to him as her killer.大量证据证明是他杀死她的。

11 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

12 bleak   

adj.(天气)阴冷的；凄凉的；暗淡的

参考例句：

• They showed me into a bleak waiting room.他们引我来到一间阴冷的会客室。
• The company's prospects look pretty bleak.这家公司的前景异常暗淡。

13 abrupt   

adj.突然的，意外的；唐突的，鲁莽的

参考例句：

• The river takes an abrupt bend to the west.这河突然向西转弯。
• His abrupt reply hurt our feelings.他粗鲁的回答伤了我们的感情。

14 chaos   

n.混乱，无秩序

参考例句：

• After the failure of electricity supply the city was in chaos.停电后，城市一片混乱。
• The typhoon left chaos behind it.台风后一片混乱。

15 swarmed   

密集( swarm的过去式和过去分词 )； 云集； 成群地移动； 蜜蜂或其他飞行昆虫成群地飞来飞去

参考例句：

• When the bell rang, the children swarmed out of the school. 铃声一响，孩子们蜂拥而出离开了学校。
• When the rain started the crowd swarmed back into the hotel. 雨一开始下，人群就蜂拥回了旅社。

16 icon   

n.偶像，崇拜的对象，画像

参考例句：

• They found an icon in the monastery.他们在修道院中发现了一个圣像。
• Click on this icon to align or justify text.点击这个图标使文本排齐。

17 jersey   

n.运动衫

参考例句：

• He wears a cotton jersey when he plays football.他穿运动衫踢足球。
• They were dressed alike in blue jersey and knickers.他们穿着一致，都是蓝色的运动衫和灯笼短裤。

18 linens   

n.亚麻布( linen的名词复数 )；家庭日用织品

参考例句：

• All linens and towels are provided. 提供全套日用织品和毛巾。 来自辞典例句
• Linen, Table Linens, Chair Covers, Bed and Bath Linens. Linen. 采购产品亚麻布，亚麻布，椅子套子，床和沭浴亚麻布。 来自互联网

19 coupon   

n.息票，配给票，附单

参考例句：

• The coupon can be used once only.此优惠券只限使用一次。
• I have a coupon for ten pence off a packet of soap.我有一张优惠券买一盒肥皂可以便宜十便士。

20 fabric   

n.织物，织品，布；构造，结构，组织

参考例句：

• The fabric will spot easily.这种织品很容易玷污。
• I don't like the pattern on the fabric.我不喜欢那块布料上的图案。

21 coupons   

n.礼券( coupon的名词复数 )；优惠券；订货单；参赛表

参考例句：

• The company gives away free coupons for drinks or other items. 公司为饮料或其它项目发放免费赠券。 来自辞典例句
• Do you have any coupons? 你们有优惠卡吗？ 来自英汉 - 翻译样例 - 口语

22 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

23 catering   

n. 给养

参考例句：

• Most of our work now involves catering for weddings. 我们现在的工作多半是承办婚宴。
• Who did the catering for your son's wedding? 你儿子的婚宴是由谁承办的？

24 marketing   

n.行销，在市场的买卖，买东西

参考例句：

• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。

25 niche   

n.壁龛；合适的职务(环境、位置等)

参考例句：

• Madeleine placed it carefully in the rocky niche. 玛德琳小心翼翼地把它放在岩石壁龛里。
• The really talented among women would always make their own niche.妇女中真正有才能的人总是各得其所。

26 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

27 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

28 activist   

n.活动分子，积极分子

参考例句：

• He's been a trade union activist for many years.多年来他一直是工会的积极分子。
• He is a social activist in our factory.他是我厂的社会活动积极分子。

29 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

30 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

31 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

32 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

33 scramble   

v.爬行，攀爬，杂乱蔓延，碎片，片段，废料

参考例句：

• He broke his leg in his scramble down the wall.他爬墙摔断了腿。
• It was a long scramble to the top of the hill.到山顶须要爬登一段长路。

34 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

35 followers   

追随者( follower的名词复数 )； 用户； 契据的附面； 从动件

参考例句：

• the followers of Mahatma Gandhi 圣雄甘地的拥护者
• The reformer soon gathered a band of followers round him. 改革者很快就获得一群追随者支持他。

36 unravels   

解开，拆散，散开( unravel的第三人称单数 )； 阐明； 澄清； 弄清楚

参考例句：

• Khrushchev's Cold War unravels the tangled contradictions in his leadership of the Communist Party. 赫鲁晓夫的冷战》这本书揭示出赫鲁晓夫作为共产党的领袖，面临着一些棘手的问题。

37 devoted   

adj.忠诚的，忠实的，热心的，献身于...的

参考例句：

• He devoted his life to the educational cause of the motherland.他为祖国的教育事业贡献了一生。
• We devoted a lengthy and full discussion to this topic.我们对这个题目进行了长时间的充分讨论。

38 replenish   

vt.补充；(把…)装满；(再)填满

参考例句：

• I always replenish my food supply before it is depleted.我总是在我的食物吃完之前加以补充。
• We have to import an extra 4 million tons of wheat to replenish our reserves.我们不得不额外进口四百万吨小麦以补充我们的储备。

39 exhausted   

adj.极其疲惫的，精疲力尽的

参考例句：

• It was a long haul home and we arrived exhausted.搬运回家的这段路程特别长，到家时我们已筋疲力尽。
• Jenny was exhausted by the hustle of city life.珍妮被城市生活的忙乱弄得筋疲力尽。

40 tenants   

n.房客( tenant的名词复数 )；佃户；占用者；占有者

参考例句：

• A number of tenants have been evicted for not paying the rent. 许多房客因不付房租被赶了出来。
• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。