UNION, N.J., July 13, 2020 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced the appointment of
industry veteran Neil Lick as Senior
Vice President (SVP), Owned Brands. Lick, formerly of
Williams-Sonoma, will lead a newly formed team that expects to
develop and launch a portfolio of customer inspired owned brands
from 2021. The Company's Product growth strategy includes a sharper
focus on product curation and differentiation as well as higher
penetration of owned brands in core categories such as bed, bath
and kitchen.
Executive Vice President, Chief Merchandising Officer,
Joe Hartsig said: "To rebuild Bed
Bath & Beyond's authority as the leading omnichannel Home
retailer, we are reimagining how we develop and curate an owned
brand assortment. Neil has deep experience building brands
that people love and will spearhead our new owned brand team to
curate and develop a portfolio of truly differentiated brands that
deepen our penetration in our core categories and our connection
with our loyal customers."
Neil Lick said, "At a time when
our homes have never been more important to us, I'm excited to join
a brand that plays such a vital role in the lives of its
customers. Finding new ways to help customers feel at home
couldn't be more relevant or exciting in the current context.
I look forward to playing my part in rebuilding Bed Bath
& Beyond's authority with customer inspired brands that are
truly differentiating."
Lick comes to Bed Bath & Beyond after a 22-year career at
specialty culinary retailer Williams-Sonoma. During his tenure at
Williams-Sonoma, Lick held various leadership positions within
merchandising, product development, inventory management, and as
head of corporate social responsibility. He will report to
Joe Hartsig, EVP, Chief
Merchandising Officer and lead a cross functional team across the
Company.
The Company's enhanced owned brand strategy will create a more
relevant, inspiring and differentiated merchandise assortment
exclusive to Bed Bath & Beyond, including in key rooms and
occasions where it already has significant market share such as
bed, bath and kitchen. The Company plans to introduce an
array of owned brands in 2021 with the anticipation that the
portfolio will expand over time.
About Bed Bath & Beyond Inc.
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of domestic
merchandise and home furnishings. The Company also provides a
variety of textile products, amenities and other goods to
institutional customers in the hospitality, cruise line, healthcare
and other industries. Additionally, the Company is a partner
in a joint venture which operates retail stores in Mexico under the name Bed Bath &
Beyond.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives and the
success of its plans with respect to owned brands. Many of
these forward-looking statements can be identified by use of words
such as may, will, expect, anticipate, approximate, estimate,
assume, continue, model, project, plan, goal, and similar words and
phrases, although the absence of those words does not necessarily
mean that statements are not forward-looking. The Company's
actual results and future financial condition may differ materially
from those expressed in any such forward-looking statements as a
result of many factors. Such factors include, without
limitation: general economic conditions including the housing
market, a challenging overall macroeconomic environment and related
changes in the retailing environment; risks associated with the
novel coronavirus (COVID-19) and the governmental responses to it,
including its impacts across the Company's businesses on demand and
operations, as well as on the operations of the Company's suppliers
and other business partners, and the effectiveness of the Company's
actions taken in response to these risks; consumer preferences,
spending habits and adoption of new technologies; demographics and
other macroeconomic factors that may impact the level of spending
for the types of merchandise sold by the Company; civil
disturbances and terrorist acts; unusual weather patterns and
natural disasters; competition from existing and potential
competitors across all channels; pricing pressures; liquidity; the
ability to achieve anticipated cost savings, and to not exceed
anticipated costs, associated with organizational changes and
investments, including the Company's strategic restructuring
program; the ability to attract and retain qualified employees in
all areas of the organization; the cost of labor, merchandise and
other costs and expenses; potential supply chain disruption due to
trade restrictions, and other factors such as natural disasters,
such as pandemics, including the COVID-19 pandemic, political
instability, labor disturbances, product recalls, financial or
operational instability of suppliers or carriers, and other items;
the ability to find suitable locations at acceptable occupancy
costs and other terms to support the Company's plans for new
stores; the ability to establish and profitably maintain the
appropriate mix of digital and physical presence in the markets it
serves; the ability to assess and implement technologies in support
of the Company's development of its omnichannel capabilities; the
ability to effectively and timely adjust the Company's plans in the
face of the rapidly changing retail and economic environment,
including in response to the COVID-19 pandemic; uncertainty in
financial markets; volatility in the price of the Company's common
stock and its effect, and the effect of other factors, including
the COVID-19 pandemic, on the Company's capital allocation
strategy; risks associated with the ability to achieve a successful
outcome for its business concepts and to otherwise achieve its
business strategies; the impact of intangible asset and other
impairments; disruptions to the Company's information technology
systems including but not limited to security breaches of systems
protecting consumer and employee information or other types of
cybercrimes or cybersecurity attacks; reputational risk arising
from challenges to the Company's or a third party product or
service supplier's compliance with various laws, regulations or
standards, including those related to labor, health, safety,
privacy or the environment; reputational risk arising from
third-party merchandise or service vendor performance in direct
home delivery or assembly of product for customers; changes to
statutory, regulatory and legal requirements, including without
limitation proposed changes affecting international trade; changes
to, or new, tax laws or interpretation of existing tax laws; new,
or developments in existing, litigation, claims or assessments;
changes to, or new, accounting standards; and foreign currency
exchange rate fluctuations. The Company does not undertake
any obligation to update its forward-looking statements.
CONTACTS:
INVESTOR CONTACT: Janet M. Barth,
(908) 613-5820 or IR@bedbath.com
MEDIA CONTACT: Dominic Pendry, (347)
604-0381 or dominic.pendry@bedbath.com
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SOURCE Bed Bath & Beyond Inc.