Bed, Bath & Beyond has hired former J.C. Penney executive Stacy Shively as its senior VP and general merchandise manager, a role in which she’ll help realize the retailer’s three-year turnaround plan announced last fall.
As part of the plan, company will:
- Launch more than 10 private labels over the next 18 months
- Invest up to $1.5 billion in remodeling approximately 450 stores, revamping its supply chain, and implementing a “digital-first, omni-always” approach
- Aggressively buy back shares totaling $675 million over the next three years. By January, the company had already completed $375 million in repurchases.
- Close approximately 200 locations in 2021
- Separately, as part of its strategy to grow its baby market, the company will add locations in new markets and aim to increase sales by 50%, to approximately $1.5 billion, by fiscal 2023
BBBY stock closed at $23.32 on Thursday, about 31 percent higher than its closing price to end 2020.
Read more about Bed, Bath & Beyond’s turnaround plan here.