Sue Gove-led Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after the retailer failed to secure funds to stay afloat and has started a liquidation sale.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the company said in a statement on its website.
The action had been taken “to implement an orderly wind-down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets,” it added.
The home goods retailer listed its estimated assets and liabilities in the range of $1 billion and $10 billion. The company expected a loss of $386 million in the January-March quarter.
The company said that its 360 Bed Bath & Beyond stores and 120 buybuy BABY stores and websites will remain open and continue serving customers as it initiates efforts to effect the closure of its retail stores.
Who is Sue Gove?
Sue Gove is the President and CEO of Bed Bath & Beyond. She was appointed the president in October 2022, after being named Interim CEO in June 2022. Previously she worked at The Fresh Market as a Board Member. According to the company website, Sue built a turnaround plan to position the company for success in the Home, Baby, and Wellness Categories.
She was born in 1958. Gove earned a BBA degree in Accounting from the Texas McCombs School of Business.
Since May 2019, Gove is serving as a Director of the Company. During her tenure on the Board of Directors, Gove served as a member of the Audit Committee, Nominating, and Corporate Governance Committee, and was the chairperson of the Board’s Strategy Committee.
She has more than 30 years of experience in the retail industry serving a variety of senior operating, financial and strategic roles. She was the President and CEO of Golfsmith International Holdings and the Chief Operating Officer of Zale Corporation.
Gove has also worked as a Senior Advisor for Alvarez & Marsal, a global professional services company. She was the President of the retail consulting and advisory company, Excelsior Advisors, LLC.