In keeping with the ongoing effort by new Bed Bath & Beyond Chief Executive Mark Tritton to revamp the company, the home goods giant has tapped Walgreens’ Chief Merchandising Officer Joe Hartsig to be its Chief Merchant.
As reported by CNBC, Hartsig will take on the position of Bed Bath & Beyond’s Harmon Stores arm which is dedicated to overseeing the shops that sell cosmetics, health essentials and beauty items.
Commenting on the new hire, Mark said, “Improving the curation and differentiation of our assortment is our number one strategic priority. Joe Hartsig will be the driving force behind our ambition to make it easy to feel at home with Bed Bath & Beyond, while also providing the leadership and vision needed to grow the Harmon business.”
It is noteworthy that besides firing 500 employees from the corporate workforce to reduce expenses, US $ 400 million have been allocated to store remodels and supply chain upgrades, as well as US $ 600 million to share repurchases and debt reduction.
Bed Bath & Beyond has also sold its online personalisation gift platform for US $ 252 million. These changes have come in the light of the company’s shares falling 40 per cent in the past 12 months.