Bed Bath & Beyond has discontinued one of its private label, Wild Sage. The move comes after a year when the company aggressively pushed into exclusive labels.
A spokesperson from bed bath and beyond confirmed the news.
This move is part of the company’s bigger changes to reverse the declining sale. This is also a move to please the activist investors and win back consumers.
Initially, the declining sales were attributed to the out-of-stock inventory. That cost the company millions of dollars. Now the company is losing out on sales due to unwanted products on the shelf.
The company is also looking for new executives to run the company. Its CEO, Mark Tritton, and Chief Merchandising Officer Joe Hartsig left the company in June. In addition, the company’s Chief Accounting Officer had also left the company earlier in June.
“Customer response has been positive, and we are very pleased with the strength of several owned brands, such as Simply Essential, which delivers opening price points. At the same time, we recognize our customers want a better balance of owned and national brands and are making necessary changes to the assortment to improve the customer experience and drive sales and traffic.”, the company elaborated in a statement.
Mark Tritton had brought in the idea of introducing private label from his experience with Target. He supervised the reorganization of the stores and brought in labels that could not be found anywhere else.
Bed Bath launched nine private label earlier in 2021. One such private label was Wild Sage. It was described as stylish, free-spirited bedding products and table linens created for young adults.
People were not extremely happy with the change. Instead of seeing big-name brands, they saw names of brands they never heard about.
The recent report on sales of the company was not up to the expectations according to the current CEO.
According to some analysts, if the company had rolled out the private label in a paced manner alongside that of national brands, then the sales would not have declined as much.