Why Bed Bath & Beyond Plummeted 32% This Week

Shares of Bed Bath & Beyond (NASDAQ: BBBY) plummeted 32.7% this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence, after posting a severe loss for the fiscal first quarter and announcing president and CEO Mark Tritton was no longer associated with the retailer. The home goods retailer's independent chair Harriet Edelman said in a statement, "After thorough consideration, the Board determined that it was time for a change in leadership." Tritton was brought in from Target to lead Bed Bath & Beyond's turnaround in 2019 and kicked off his tenure with some dramatic moves, including making a sweep of the executive suite and leading the retailer's sales of many of its various side businesses over the years such as Cost Plus World Market, Christmas Tree Shops, One Kings Lane, and PersonalizationMall.com.