Yes, the company had another rotten quarter, with serious declines in both overall and comp store sales and its second consecutive quarterly loss, now the first two in its history. It tried to put the bad news in context by saying this was to be expected and is consistent with prior forecasts. In other words, we knew this was going to be ugly.
What the company didn’t do was announce a new CEO, something some people — including yours truly — were expecting. He or she is still on the way, they say, but apparently stuck in traffic somewhere. We think this long a search — now stretching to nearly five months — is just unacceptable in retailing these days. Imagine if you didn’t fill an open position in nearly half a year. What would happen to you? Pretty Stupid I think.
Here’s my updated take on the situation from Forbes.com. Stay tuned: https://www.forbes.com/sites/warrenshoulberg/2019/10/01/a-new-bed-bath–beyond-ceo-might-be-announced-wednesday-could-it-be-a-former-kohls-exec/#328fd22d3576