On her first day as permanent chief executive of Bed Bath & Beyond Inc., Sue Gove made a plea to suppliers of the struggling home goods retailer: Stick with us, the Wall Street Journal reported. The company hosted roughly 500 suppliers virtually and at its Union, N.J., headquarters for a two-hour summit in which executives laid out their strategy for resuscitating the chain, which has been reeling from a failed overhaul under prior management that led to plunging sales, a cash crisis and a leadership vacuum. In September, its finance chief died by suicide. Gove, a veteran retail executive who had served on the company’s board, had been interim CEO since June. She succeeded Mark Tritton, whose attempt to replace national brands with private-label goods alienated shoppers. Bed Bath & Beyond made her position permanent on Wednesday. She will continue to serve as a director. Gove said the company had enough money to make the necessary changes to its business, which includes bringing back more national brands, upgrading its supply chain and improving digital operations. “We don’t think there is bankruptcy on our horizon,” she said. The company launched a debt-exchange earlier this month to extend maturities and reduce interest expenses. Bondholders have the option to receive new notes at par for a lower coupon or take a discount on the principal. Gove said the exchange was in the early stages, but she was optimistic about its outcome.
