![The truth about the retail apocalypse](https://i2.cdn.turner.com/money/dam/assets/170422153016-store-closing-signage-1024x576.jpg)
Bed Bath & Beyond is calling for support.
The struggling retailer said Wednesday it would hire two top management consulting firms to help it cut costs and improve merchandise. CEO Steven Temares did not name the companies.
Homewares retailers need help.shares Bed bath and more (BBY) Shares plunged nearly 25% on Thursday to their lowest level since March 2000 due to poor sales in the last quarter.
Customers have been avoiding physical stores and instead heading to Target (TGT) and Tian Jiaxing (Tian Jiaxing)Own household items.
Overall, “spending on homewares and home-related products has been strong,” GlobalData Retail managing director Neil Saunders said in a note on Wednesday. With that in mind, he said Bed Bath & Beyond’s numbers were “almost terrible.”
![Retail renaissance: How embracing digital sales can save stores](https://i2.cdn.turner.com/money/dam/assets/180524145626-walmart-target-strategy-1024x576.jpg)
“The plain truth is that Bed Bath & Beyond simply cannot reverse the momentum elsewhere in the retail industry,” Sanders wrote.
Bed Bath & Beyond Chief Financial Officer Robyn D’Elia did say on the conference call that the company is seeing strong momentum online. She said analysts’ estimates that 10% of Bed Bath & Beyond’s sales will come from digital are “a little flippant.”
But GlobalData Retail’s Saunders said the company needed to do more online, citing competition from other companies. wayfel (watt) and Amazon (Amazon)which he calls a “savvy operator.”
“Online transactions are far from easy. The bottom line is, we don’t think Bed Bath & Beyond stands out here, but it needs to in order to thrive.”
CNN Business (New York) First published September 27, 2018: 11:51am ET