Bed Bath & Beyond has appointed Glen Cary chief of stores for the company’s namesake and other banners, the appointment coming after the company launched financial initiatives, including purchasing of Container Store debt and issuing a stock prospectus.
Glen spent a decade at Bed Bath & Beyond under its previous ownership structure, serving as chief of stores and president of buybuy BABY. He also has served as COO at 99 Cents Only. In his new Bed Bath & Beyond role, Glen will apply his experience of driving retail sales, establishing operational excellence, real estate strategy, store transformations and delivering consistent profitability, the company reported.
“Glen knows our brands, our teams and our customers and my expectations around the growth of our customer file and our financial performance,” said Amy Sullivan, CEO of The Brand House Collective, which has been acquired by Bed Bath & Beyond. “His ability to effectively operate large‑scale operations and do so with service-oriented profit centric mindset is what motivated me to have him lead our field organization.”
Marcus Lemonis, Bed Bath & Beyond executive chairman added, “Glen is in lock step with the expectations we are setting for Bed Bath & Beyond and understands how operating great stores requires the highest standard of experience for both the employee and the customer. His experience will drive a capital efficient modernization of our fleet, strengthen operational discipline and support all phases of growth across stores, digital and franchise together.”
On December 3, Bed Bath & Beyond filed a prospectus with the United States Securities and Exchange Commission related to the issuance and sale of up to approximately 6.9 million shares of common stock based on the exercise of warrants issued by the company on October 7 as a distribution to all common shareholders. In the preliminary prospectus filed with the SEC on October 7, Bed Bath & Beyond stated that, assuming that all warrants distributed would be fully exercised for cash, the company would receive proceeds of about $106.7 million in the aggregate for use in general corporate purposes.
Also on October 7, the company announced plans to launch a national Bed Bath & Beyond franchise system.
Bed Bath & Beyond stated in an earlier SEC filing that, on November 25 of this year it had purchased a portion of loans issued by The Container Store dated on January 28, as amended on September 15, at a purchase price of about $6.5 million.
