Show Corrections & Clarifications: An earlier version of this story misstated the name of the firm B. Riley Securities. Bed Bath & Beyond’s CEO was removed Wednesday, as the home retailer struggled to meet consumer needs and experienced a decline in sales. Despite price discounts, the company saw sales drop by 25%, according to its first-quarter financial report. Board of directors member Sue Gove will step up as interim CEO, replacing Mark Tritton, who was previously the chief merchandising officer at Target. “We must deliver improved results,” Gove said in a statement. “Top-tier execution, careful management of costs, greater supply chain reliability, prudent capital spending, a stronger balance sheet and robust digital capabilities will all be important to our success.” Holiday shoppers: What stores are open on July 4th? Here are the hours for Walmart, Costco, Target, and more Amazon changes: Amazon CEO names new head for company's troubled retail business Is Bed Bath & Beyond going out of business?The company has had issues with inventory in the past. Previously, the retailer had too many products in the stores, while more recently, the stores didn’t have enough inventory because of supply chain problems, turning customers away. Bed Bath & Beyond’s stock price dropped by 24% in Wednesday trading, closing at $4.99 per share. While competitors like Walmart and Target have maintained steady traffic, Bed Bath & Beyond has seen its traffic decrease by 20%-30% year-over-year, CNN reported, citing analysts at B. Riley Securities. The company also suffered the recent resignations of two senior vice presidents in finance, raising concerns about its leadership. “In our view, Bed Bath & Beyond has, quite simply, been run into the ground and a change of management is the only way of restoring some credibility with investors,” Neil Saunders, managing director at GlobalData, said in an analyst note. Shop Bed Bath & Beyond: Up to $200 off vacuums from Dyson, iRobot and Shark Walmart allegation: FTC sues Walmart for allegedly allowing scammers to commit money transfer fraud Are Bed Bath & Beyond stores cutting back on air conditioning?A report from Bank of America claims Bed Bath & Beyond has curtailed air conditioning use to decrease costs in light of the sales woes, although the company denied the allegation, saying any changes in store temperature did not come from corporate. “We've been contacted about this report, and to be clear, no Bed Bath & Beyond stores were directed to adjust their air conditioning and there have been no corporate policy changes in regard to utilities usage,” a representative told CNN. Bank of America analysts who conducted store visits reported reduced operating hours, scaled back utilities and canceled store remodeling projects. Reward program revised: Welcome RewardsThe company introduced new loyalty program Welcome Rewards, where customers could gain points through purchases at the retailer’s stores. Shoppers could join Welcome Rewards (free) or Welcome Rewards+ ($29 per year), or apply for a Welcome Rewards credit card. The former loyalty program Beyond+ offered 20% off purchases, whereas Welcome Rewards+ offers 15% off purchases, although the new program brings extra rewards. “We are committed to providing customers with a one-stop destination to meet their needs through our assortment, experience and services, whether online or in stores,” Gove said. Facebook Twitter Email We’ve been independently researching and testing products for over 120 years. If you buy through our links, we may earn a commission. Learn more about our review process.
Those born in the '50s and '60s will feel like they're traveling back in time.  Boston Public Library, Print Department Blame it on businesses that couldn't adapt to changing tastes or the convenience of shopping in your PJs. But, sadly, many once-iconic retailers are now distant memories. While some merged with other companies, a handful have attempted to reinvent themselves in the era of online e-commerce. But many simply closed their doors forever and surrendered to the march of time. Whether you grew up shopping in the aisles of these establishments or just heard about them
in stories from parents and grandparents, you can’t help but get a nostalgic feeling when you see photos of these old stores, because nothing can ever replace the feeling of going down the aisles at the old five-and-dime. (Then again, there’s also nothing like the feeling of realizing at 3 a.m. that you have to buy a birthday present for someone three states away and have it arrive there, wrapped and ready, in two days.) Are you ready to have your memory jogged with
I-haven’t-thought-about-that-in-forever names like Gimbels and Mervyn’s? Do you want to lament that you can no longer flip through the pages of a book, killing a few hours at Borders or B. Dalton’s? Take a trip down the aisles of memory lane with these closed retail chains. 1 of 52 F. W. Woolworth Company Founded in 1879 by Frank Winfield Woolworth, the company's first stores in Utica, New York, and Lancaster, Pennsylvania sold general merchandise and were called
“five-and-dime’s” because everything sold for 10 cents or less. The chain grew quickly, and by 1905, Woolworth invited rival retailer chains (two were owned by his relatives!) to merge with him. By 1929, there were 2,250 stores. The company purchased other chains over the years, including
Footlocker, though Woolworth variety stores closed in 1997. RELATED: 10 Things You Should Never, Ever Pass Up at Antique Shops 3 of 52 Mervyn’s Started by Mervin G. Morris in 1949 in San Lorenzo, California, the company grew to almost 200 stores, mostly in
the West. The mid-price chain boomed in the '70s, but when it began expanding outside of California, it stumbled. Stores began closing across the country in the early 2000s. The company filed for bankruptcy in 2008, shuttering all of its stores. 4 of 52 Gimbel Brothers Known as Gimbels, the first store was founded in 1842 by Adam Gimbel in Indiana. In time, the family opened stores in Milwaukee, Philadelphia, and New York City. Interestingly, they sponsored the 1920 Gimbels Thanksgiving Day parade in Philadelphia to spur holiday shopping. (Macy's copied the idea in 1924!). The store even played a role in the classic Christmas movie Miracle on 34th Street. Sadly, the company was eventually purchased (by the company that also owned Kohl's), and the doors closed for good in 1986. RELATED: Your Old Christmas Cards Might Be Worth Serious Money 5 of 52 A&P The Great Atlantic & Pacific Tea Company, better known as A&P, started as a mail order business around 1859. By 1930, the company operated more than 15,000 grocery stores and was the largest chain in the U.S. The chain filed for bankruptcy in 2010 and 2015, with the last store closing in 2016. Its legacy: The chain created Woman’s Day magazine in the '30s to showcase recipes and ingredients available in-store. RELATED: 11 Grocery Shopping Mistakes That Are Wrecking Your Diet 6 of 52 Montgomery Ward & Company Aaron Montgomery started his company in 1872 as a mail-order business selling to farmers in rural areas near Chicago. The first retail stores opened in 1926, growing to more than 500 in five years. In 1985, the company ended its catalog business. Facing competition from new discount retailers in the 1990s, the store filed for bankruptcy in 1997. The last store closed in 2001 but relaunched as an online company in 2004. 7 of 52 S. S. Kresge Company Sebastian Spering Kresge and a partner founded the five-and-dime, Kresge’s, in Detroit
in 1897. He soon became sole owner, and by 1935, Kresge’s grew to 745 stores in the Midwest and East. In 1962, the company decided to venture into the discount market and opened the first Kmart outside Detroit. They expanded aggressively, and the
corporate name was changed to Kmart in 1977. The remaining Kresge stores were sold off by 1987. 8 of 52 Kinney Shoes Founded by G.R. Kinney in 1894 in Waverly, New York, the company grew to more than 300 stores by 1929. In 1963, the company was sold to Woolworth (we
already know what happened to them). The company was obtained by
Footlocker and closed about 500 Kinney Stores by 1998. RELATED: 18 Shoes From the '90s You Forgot You Were Obsessed With 9 of 52 Kaufmann's Kaufmann’s was founded in Pittsburgh in 1871 as a men’s tailoring and ready-to-wear store by two brothers. Two more brothers joined a few years later. The store grew into a chain of nearly 60 stores in the East. The company was acquired a few times before Macy’s purchased and
rebranded it in 2006. Sadly, many Macy’s stores, including the original Kaufmann’s flagship store, have since closed. 10 of 52 Hills Department Store Founded by Herbert H. Goldberger in 1957 in Youngstown, Ohio, the chain pushed into many Midwestern and a handful of Southern states. In 1987, the store went public and became the nation’s eighth-largest discount retailer. By
the 1990s, the stores were floundering and filed bankruptcy. Taken over by Ames in 1995, neither company had survived by 2002. 11 of 52 National Record Mart Founded in 1937 by Hyman Shapiro and his sons in Pittsburgh, the company specialized in used 78 RPM records from jukeboxes. Crazy, right? But it became the first music store chain in the U.S., and in 1964, the store helped bring the Beatles to town for a concert. The company had more than 160 stores, as far away as Hawaii and Guam, by 1998. But sales suffered in the '90s, and all stores closed by 2002. 12 of 52 Bonwit Teller Paul Bonwit founded a luxury department store in New York City in 1895, partnering with Edmund D. Teller in 1897. The store became known for its upscale goods and eventually opened in key locations such as Miami Beach and Boston. The company changed hands several times in the '80s and eventually filed bankruptcy in 1989. But look to classic films where the store has had many roles: Katherine Hepburn mentions the store in Desk Set; it’s seen in the opening of Breakfast at Tiffany’s; and Marcie from Oliver’s Story is an heiress to the company fortune. 13 of 52 W. T. Grant 25 Cent Store In 1906, W. T. Grant opened the W.T. Grant Co. 25 Cent Store in Lynn, Massachusetts with $1,000 he had saved from his work as a salesman. The company grew quickly nationwide with 1,200 stores by 1972. Unfortunately, the chain went bankrupt in 1974, making the collapse the then-second-biggest in U.S. history. Fortunately, the foundation he created in 1936 to benefit young people still exists today. 14 of 52 Sprouse-Reitz Started
by Robert Allen Sprouse and Fred Reitz as a five-and-dime in 1909 in Tacoma, the headquarters moved to Portland in 1919. In its heyday, the store had almost 400 stores in 11 western states. But by the 1980s, variety stores were losing ground. The chain attempted to rebrand itself as Sprouse! in the late '80s. But
the company soon began selling off stores, closing the last of them in 1994. 15 of 52 Zayre Brothers
Max and Morris Feldberg founded a company in Boston in 1919 to supply undergarments to department stores. But within a decade, they figured out a women’s specialty store was the way to go. By the end of World War II, their shops expanded into New England, growing steadily in the '50s and '60s. In the '70s,
Zayre tried to buy Marshalls but failed. Their answer was to create a
Marshalls clone, TJ Maxx, in 1977. Eventually, Zayre was sold off to Ames Department Store, but Zayre’s one-time subsidiary TJX (which now
owns TJMaxx, Marshalls, and HomeGoods) is thriving. RELATED: 10 Secrets to Shopping at HomeGoods You Need to Know 16 of 52 Jacobson's The first store was opened by
Abram Jacobson in Reed City, Michigan in 1838. By the 1930s, the chain grew and expanded throughout the state and to neighboring states such as Ohio and Indiana. The chain included only 25 stores at its peak, but the fact that the company thrived for more than a century and a half is
impressive, by anyone’s standards. Yet by the '90s, the chain was suffering and filed for bankruptcy in 2002. All stores closed by 2011. 17 of 52 Robert Hall Clothes The family clothing warehouse store first opened in Connecticut in 1937. The store soon expanded across the country, establishing stores in 36 states, and remained prominent in the retail industry before filing for bankruptcy in 1977. 18 of 52 Thom McAn Thom McAn was founded in New York in 1922 as a discount family shoe store. After being acquired by Melville Corporation in 1952, the company became one of the largest footwear retailers in the country, operating a whopping 1,400 stores. In the mid-'80s, its parent company started phasing out its footware factories and the last Thom McAn closed in 1996.
19 of 52 Hecht's After being a prominent department store across the mid-Atlantic and southern United States for 150 years, the store was acquired by Macy's, Inc. in 2005. As a result, the name of the remaining stores were changed to Macy's. 20 of 52 Minnie Pearl's Fried Chicken The fast food chain was built around comedian Minnie Pearl and was intended to be a competitor to Kentucky Fried Chicken in the '60s. The chain spread across the south with success, but a financial scandal brought the restaurant to a close in 1971. 21 of 52 Barneys New York New York lost one of its finest Madison Avenue institutions in 2020, as Barneys New York shut its doors for the final time in February. The store closed after filing for bankruptcy and being bought by Authentic Brands Group in 2019. 22 of 52 Bon-Ton Founded
in 1898 as Grumbacher and Son in York, Pennsylvania, the store first sold hats and dry goods. The company expanded during World War I, and stores were later opened outside Pennsylvania. The company grew in successive decades, especially in the '90s. However, after numerous CEOs failed to rescue its languishing presence,
the chain filed bankruptcy in 2018. All stores were liquidated, though the company still operates a website. 23 of 52 Fotomat Back when people took real
photos with actual cameras, you had to get them developed somewhere. Enter Fotomat, founded by businessman Preston Fleet in California in 1968. The company’s gold-roofed kiosks soon popped up by the thousands in parking lots across America, and you could drive up and pick up your finished photos the next day. Most Fotomats shut down by the late '90s when one-hour film developing made the business obsolete. 25 of 52 RadioShack RadioShack was founded in Boston in 1921 by the Deutschmann brothers to provide equipment for ham radio operators. The company was the place for electronics, once had 7,300 locations, and could claim to have a store within three miles of every American household. Now, not so much. The company filed for bankruptcy in 2015 and in 2017. Although it's technically not gone (there are a few stores and a
website remaining), it's no longer the major retail player it once was. 26 of 52 Blockbuster Blockbuster, which was created in 1985, once had over 9,000 locations. It was a video rental store, where customers could rent videos and DVDs. In 2013, the chain announced it would begin closing all of its stores. Now, only a single Blockbuster remains in Bend, Oregon. 27 of 52 Borders Borders was founded in Michigan in 1971 and became one of the top booksellers of the early 2000s. But when electronic book readers came into play, the company had to shutter all 511 locations and filed for bankruptcy in 2011. 28 of 52 Circuit City Circuit City once had a whopping 567 stores at its peak, where you could buy anything from TVs and computers to audio equipment and car stereos. However, in 2008, after 59 years, the chain declared bankruptcy and began closing all of its locations. 29 of 52 CompUSA CompUSA was created in Addison, Texas in 1984 and was originally named Soft Warehouse. However, it was changed in in 1991 when the company went public. The store specialized in computer software and computer products. In 2007, the chain couldn't keep up with Circuit City and Best Buy, so 126 stores closed. Now, only a website remains. 30 of 52 Discovery Channel Store The Discovery Channel stores first opened in 1995 and featured educational games, gifts, videos, books, and more that reflected the message you could watch on the channel. By 2007, the Discovery Channel announced it would close all of its standalone stores — 103 of them, to be exact – and focus on online retail only. Arricca Elin SanSone Arricca SanSone writes for CountryLiving.com, WomansDay.com, Family Circle, MarthaStewart.com, Cooking Light, Parents.com, and many others. Jackie Frere Jackie is a former contributor to many Hearst Magazines websites. What happened Circuit City?Circuit City is an American consumer electronics retailer originally founded by Samuel S. Wurtzel in 1949. The company filed for bankruptcy in 2009 after being an industry leader for decades.
Why did Bed Bath and Beyond fail?Sales dropped last quarter because Bed Bath & Beyond has been offering too much merchandise that customers don't want and was out of stock on items in higher demand, according to the company.
Is Bed Bath and Beyond struggling?Bed Bath & Beyond is unraveling after losing nearly $1 billion in free cash flow in the first half of the year. There are a number of reasons for the company's struggles, but investors may have overlooked competition. Given a wide range of headwinds, including at the macro level, a turnaround will be difficult.
What store does not exist anymore?Department stores like Bon-Ton and Ames, bookstores like Waldenbooks and Borders, and clothing stores like Wet Seal and Limited Too are among the many stores that have permanently shut their doors.
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Bed bath and beyond competitor that went out of business
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