Bed Bath & Beyond Highlights Its Digital Sales Push With a New Chief Tech Officer
A few weeks after a Wedbush analyst said Bed Bath & Beyond (NASDAQ: BBBY) is "on the cusp of a dramatic improvement in profitability," the home merchandise company announced it is hiring a new chief technology officer. Looking to leverage e-commerce to restore its fortunes, Bed Bath & Beyond says it's working to enhance its "digital-first, omni-always customer experience" with the hire, as part of its "enterprise technology transformation."
Bed Bath & Beyond is shifting strongly away from brick-and-mortar with a plan to close approximately 200 locations, or 21% of its total number of stores in the U.S. The move, possibly part of the "retail apocalypse" as the internet guts traditional physical in-store retail, is intended to slash the company's expenses while it focuses on digital instead.
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Source Fool.com