Bed Bath & Beyond on Wednesday said it will not open stores or operate in California as it issued a scathing rebuke of the state’s intense lefty policies.Marcus Lemonis, executive chairman of Bed Bath & Beyond, said the decision “isn’t about politics – it’s about reality.”“California has created one of the most overregulated, expensive and risky environments for businesses in America,” he said in a press release. 3 Bed Bath & Beyond said it will not open stores or operate in California. REUTERS“The result ...

Company Overview - Beyond will reclaim the name Bed Bath & Beyond and start trading under the ticker symbol BBBY on the New York Stock Exchange from August 29 [2] - The name change emphasizes the value of the Bed Bath & Beyond brand while maintaining a focus on revenue growth and profitability [3] Strategic Initiatives - The company aims to monetize blockchain assets, particularly through tZERO and GrainChain, and is focused on reacquiring the Buybuy Baby brand [3][4] - A new initiative called 'LifeChain' will integrate consumers' financial and digital assets into a secure digital wallet, supported by Salesforce technology [5] Financial Developments - Bed Bath & Beyond declared bankruptcy in April 2023, leading to Overstock acquiring its intellectual property and some digital assets for $21.5 million [5] - In 2024, Beyond announced a $25 million investment in Kirkland's, which will lead to the establishment of smaller Bed Bath & Beyond locations [6] Future Plans - Over the next 24 months, additional Kirkland's locations will be converted into small to midsize Bed Bath & Beyond and Buybuy Baby stores, continuing to accept the iconic Bed Bath & Beyond coupons [7]

Bed Bath & Beyond’s iconic 20% coupon is back, but there are a few caveats as it is not as universal as it was in the past.  The coupons, synonymous with the retailer, once filled mailboxes (and glove compartments) but vanished after the debt-laden retailer shut down its stores in 2023. Today, it’s making a comeback under the brand’s new banner: Bed Bath & Beyond Home.In a customer email sent on Aug. 11, the company touted that the coupon is back but can only be used once, and cannot be combined with other ...

Leadership Changes - Andrea Courtois has been appointed as Chief Financial Officer, effective July 21, 2025, succeeding Mike Madden, who will remain in an advisory role until August 15, 2025 [1][5] - Michael Sheridan has joined as SVP, General Counsel & Corporate Secretary, overseeing legal affairs and corporate governance [5] - Mandy Gauldin has been promoted to VP, Talent & Culture, focusing on enhancing company culture and performance [5] Strategic Transformation - Kirkland's is undergoing a strategic shift to become The Brand House Collective, a multi-brand merchandising and retail operator [1][2] - The leadership changes are part of a broader effort to build a disciplined, performance-led operating model aimed at profitable scaling [2] - The company aims to elevate talent and drive meaningful outcomes through a mix of fresh perspectives and deep expertise [2] Company Overview - Kirkland's, Inc. is a specialty retailer of home décor and furnishings, operating 312 stores across 35 states and an e-commerce platform [3] - The company offers a curated selection of affordable home décor and furnishings, providing a unique shopping experience [3]

Core Viewpoint - Kirkland's, Inc. is rebranding to The Brand House Collective, Inc. to reflect its transformation into a multi-brand merchandising and retail operator, aligning with Beyond, Inc.'s portfolio of home and family brands [1][2] Corporate Name Change - The company plans to officially change its name to The Brand House Collective pending shareholder approval at the annual meeting on July 24, 2025, along with a ticker symbol change from "KIRK" to "TBHC" [10] Operational Strategy - The company is executing an operational reset to streamline its footprint, reduce excess inventory, and optimize real estate assets, aiming to operate approximately 290 store locations as the foundational footprint for its brands [3][4] Brand Conversion Strategy - The reintroduction of Bed Bath & Beyond Home will involve converting existing Kirkland's Home stores, with the first store opening in Brentwood, TN in August 2025, and plans to convert approximately 75 stores through 2026 [4][5] Corporate Reorganization - A comprehensive corporate reorganization has been implemented to enhance performance and accountability, with a streamlined structure where all brand leaders report directly to the CEO, Amy Sullivan [6][7] Board of Directors Changes - The Board appointed four new directors effective June 24, 2025, to support the company's new vision, while several existing directors have resigned [8][9] Leadership Team Enhancements - The leadership team has been bolstered with experienced professionals in retail and merchandising to align with the company's transformation goals [11][12]

Core Insights - Kirkland's, Inc. announced a significant transformation, including a corporate reorganization and changes to its Board of Directors, aiming to enhance performance and profitability as a multi-brand retail operator [1][19][20]. Financial Performance - For the first quarter of 2025, net sales were $81.5 million, down from $91.8 million in the same period last year, primarily due to declines in e-commerce and comparable store sales [4][8]. - Comparable sales decreased by 8.9%, with a 3.1% drop in comparable store sales and a 26.7% decline in e-commerce sales [4][8]. - Gross profit was $20.3 million, representing 24.9% of net sales, compared to $27.1 million or 29.5% of net sales in the prior year [5][8]. - Operating expenses were $30.8 million, or 37.8% of net sales, a slight decrease from $34.6 million or 37.7% of net sales in the previous year [6][8]. - The operating loss for the quarter was $10.5 million, compared to a loss of $7.5 million in the prior year [7][8]. - Net loss was $11.8 million, or a loss of $0.54 per diluted share, compared to a loss of $8.8 million or $0.68 per diluted share in the prior year [8][11]. Operational Changes - The company is focusing on moving excess and slower-turning inventory and eliminating underperforming assets while expanding the utilization of licenses from Bed Bath & Beyond, Overstock, and buybuy Baby [3][19]. - Kirkland's plans to rebrand itself as "The Brand House Collective, Inc." pending shareholder approval, reflecting its transformation into a multi-brand merchandising and retail operator [19][20]. Debt and Financial Position - As of May 3, 2025, the company had a cash balance of $3.5 million and $38.9 million in outstanding debt [13][17]. - The company closed a $5.2 million expansion of its existing credit agreement with Beyond, which also included amendments to existing transactions [15][16]. - The company experienced disruptions at its Jackson, Tennessee distribution center due to a tornado, impacting its e-commerce operations [18]. Inventory and Store Count - Inventory as of May 3, 2025, was $76.4 million, a 0.8% increase compared to the prior year [12]. - The company closed three stores during the quarter, ending with a total of 314 stores [8].

Core Viewpoint - Kirkland's, Inc. will release its financial results for the first quarter of 2025 on June 17, 2025, before market open, followed by a conference call to discuss these results [1]. Group 1: Financial Results Announcement - The financial results for the first quarter of 2025 will be announced before market open on June 17, 2025 [1]. - A conference call is scheduled for 9:00 a.m. Eastern Time on the same day to discuss the financial results [1]. Group 2: Conference Call Details - The toll-free dial-in number for the conference call is 1-855-560-2577, and the international dial-in number is 1-412-542-4163 [2]. - Participants are advised to call 10-15 minutes prior to the start time for registration [2]. - A live audio webcast will be available online at the company's investor relations website [2]. Group 3: Replay Information - A recorded replay of the conference call will be available shortly after its conclusion, accessible online or via telephone [3]. - The telephone replay will be available through June 24, 2025, and the online replay will be available for one year [3]. Group 4: Company Overview - Kirkland's, Inc. is a specialty retailer of home décor and furnishings in the United States, operating 313 stores across 35 states and an e-commerce website [4]. - The company aims to provide an engaging shopping experience with a curated selection of affordable home décor and furnishings [4].

Financial Data and Key Metrics Changes - Revenue declined by 39% year over year in Q1 2025 due to the elimination of noncontributory SKUs and vendors, resulting in fewer orders and new customers [40] - Average Order Value (AOV) increased to $194, a $21 increase year over year, indicating a larger basket size [40] - Gross margin improved to 25%, a 560 basis point increase compared to the same period last year, exceeding internal targets [41][42] - Adjusted EBITDA loss was $13 million, a 72% improvement year over year [44] - Reported GAAP EPS was a loss of $0.74 per share, while adjusted diluted loss per share was $0.42, an $0.80 improvement year over year [45] Business Line Data and Key Metrics Changes - The restructuring efforts have led to a significant reduction in SKUs on the Bed Bath and Beyond site, with over 6 million SKUs removed [96] - The company is focusing on improving the product offering and customer acquisition across its brands, with Bed Bath and Beyond still accounting for the majority of transactions [95][96] Market Data and Key Metrics Changes - The company anticipates revenue growth in Q2 and Q3 of 2025 compared to Q1 2025, despite a challenging economic environment [38] - The management believes that the total addressable market (TAM) remains large enough to achieve revenue growth even if furniture sales slow down [38] Company Strategy and Development Direction - The company is transitioning from a restructuring phase to a growth mindset, focusing on improving customer experience and expanding product categories [41][44] - Plans to open new Overstock stores and launch Bed Bath and Beyond Home stores to enhance customer engagement and improve financial performance [18][19] - The company aims to leverage its blockchain assets and explore new investment opportunities to enhance value [76][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q1 2025 revenue represents a floor, with expectations for sequential growth in the following quarters [50][54] - The company is committed to maintaining a disciplined approach to marketing and pricing to improve profitability [41][62] - Management acknowledged the challenges posed by the current economic environment, including high interest rates, but believes the company is well-positioned to navigate these challenges [31][33] Other Important Information - The company ended the quarter with $166 million in cash and inventory, reflecting a stronger financial position compared to previous periods [46] - The management has identified $80 million in fixed cost reductions, with 93% of this commitment already realized [43] Q&A Session Summary Question: Can you talk about the confidence level that this is the bottom and you're guiding to revenue growth sequentially through this year? - Management believes that Q1 revenue is the floor and is confident in the ability to pull levers for profitability, focusing on marketing efficiency and site conversion [50][52] Question: Can you help kind of put a stake in the ground in terms of maybe a roadmap or a milestone for reaching breakeven EBITDA? - Management indicated that to reach breakeven EBITDA, the company needs to achieve $1.2 billion in annualized revenue at a 25% margin and 13% marketing expense [62][64] Question: What are your brand activation strategies for Buy Buy Baby? - Management plans to carefully manage spending to ensure profitability while reintroducing the brand, focusing on community engagement and tailored offerings [67][69] Question: Can you compare and contrast the tokenization of Overstock versus Buy Buy Baby? - Management clarified that the tokenization strategy aims to prove the platform's functionality and value, with different approaches for each brand [76][80]