Bed Bath & Beyond on Monday named Executive Chairman Marcus Lemonis as its new chief executive.
In a letter to shareholders on Monday, Lemonis, who will continue serving as executive chairman, outlined plans to help the company cut costs and pursue expansion opportunities, including acquisitions.
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“I have always felt that home ownership is a bedrock of the American Dream. Whether someone is renting their first apartment, living in student housing, buying their first home, or settling into a forever home, we want Bed Bath & Beyond to be associated with making those journeys more achievable, more affordable, and less overwhelming,” Lemonis said.
The company owns Bed Bath & Beyond, Overstock, buybuy Baby and Kirkland’s Home, as well as other related brands and websites and a blockchain asset portfolio inclusive of tZERO, GrainChain and other assets.
Lemonis said that its core business is stabilized, and he is now laying out plans to help return Bed Bath & Beyond, once a leading home-goods retailer, to profitable growth.
This includes prioritizing an omnichannel retail model and boosting the number of its revenue streams. For instance, Lemonis said he plans to expand beyond just selling household goods to include high-margin services like warranties, insurance products and financing tools.
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Additionally, the company plans to build tools and services that help customers through major home-related moments, all connected by AI technology. This would create additional revenue for the company, which had been struggling for years before filing for bankruptcy and closing all of its stores in 2023.
Lemonis also told shareholders that the company will “pursue acquisitions and investments where we see category gaps, consumer services, business synergies, or natural brand extensions through the next 12 months.” He didn’t offer details on what opportunities the company is currently pursuing.
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In September, Bed Bath & Beyond entered into a strategic partnership and acquisition involving Kirkland’s Home, a home-decor retailer. Bed Bath & Beyond acquired the Kirkland’s Home trade name and related brand assets for about $10 million and expanded its investment in Kirkland’s operations.
The move was part of a broader strategy to convert existing Kirkland’s Home stores into Bed Bath & Beyond Home locations to build back the physical footprint that it once had. The pending Kirkland’s transaction is expected to add approximately $350 million to the company’s net revenue, according to Lemonis.
In its heyday, Bed Bath & Beyond was a retail juggernaut with hundreds of sprawling stores nationwide that carried a vast assortment of bedding, kitchenware and home essentials. Its 20%-off coupons became a defining feature of the brand.
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