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Bed Bath & Beyond is reviewing a data breach after a third party improperly accessed data on a hard drive and certain shared drives via a phishing scam, the company disclosed in a filing with the Securities and Exchange Commission on Friday.
The distressed home goods retailer said it “has no reason to believe” the data accessed contains sensitive or personal information, or that this will have a “material impact” on the company.
The news came as the retailer announced it would be selling additional shares of its common stock, with a maximum aggregate offering amount of up to $150 million, to help pay down its debt and rebalance its inventory and assortment.
Bed Bath & Beyond has faced declining sales in recent months as demand for home goods dwindled. In its most recent quarter, the company reported net sales fell 28% year over year to $1.4 billion, while comparable sales fell 26%. At the same time, Bed Bath & Beyond’s operating loss grew to $346.2 million from $84.1 million last year, while its net loss reached $366.2 million from $73.2 million in the year-ago period.
As it navigates yet another turnaround, the company last week named a permanent CEO in Sue Gove, who has been serving in the role in the interim following the departure of Target veteran Mark Tritton. The company has experienced other changes within its C-suite including in the chief financial officer, chief operating officer, chief merchandising officer and chief stores officer positions.
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Caroline Jansen, Khareem Sudlow
