Bed Bath & Beyond Inc. (NYSE:BBBY) said that Marcus Lemonis has been appointed Chief Executive Officer, adding the role to his existing position as Executive Chairman of the Board.
The Murray, Utah–based company highlighted a marked improvement in its financial performance during the third quarter of 2025. Net losses narrowed by more than 90% year over year, while Adjusted EBITDA improved by over 80%. On a year-to-date basis through the third quarter, net loss was reduced by more than $111 million and Adjusted EBITDA improved by more than $89 million compared with the same period a year earlier.
Management said the group has removed more than $50 million in annualized fixed operating costs so far and expects to cut a further $25 million over the next 12 months, largely driven by merger-related synergies. Gross margins have expanded into the 24%–26% range, while marketing expenses are running at roughly 13%–14% of revenue.
At the end of the third quarter of 2025, Bed Bath & Beyond reported cash balances of about $200 million. The company also said the pending Kirkland’s transaction is expected to contribute around $350 million in net revenue, supporting a projected base revenue of approximately $1.5 billion in 2026.
The group outlined a three-pillar strategy centered on omnichannel retail and commerce, digital and financial services, and home transaction platforms. As part of this approach, Bed Bath & Beyond plans to broaden its activities beyond traditional retail into areas such as home services, transaction platforms and financial products.
Bed Bath & Beyond’s portfolio includes brands such as Overstock, buybuy BABY and Kirkland’s Home, alongside blockchain-related assets including tZERO and GrainChain. The company operates more than 300 stores across 35 U.S. states through The Brand House Collective.