Mark Tritton, the CEO of Bed Bath & Beyond, was ousted on Wednesday after disappointing earnings sent the company's stock tumbling.
There is a Bed Bath & Beyond in Santa Clara.
According to Refinitiv, Bed Bath & Beyond's loss per share in the first quarter was much worse than the average analyst estimate.
The quarter's sales were down 25% from a year ago.
The company's CEO, Tritton, is no longer with the company.
Sue Gove, an independent director on the Bed Bath & Beyond board, will be the interim CEO.
Bed Bath & Beyond shares fell 14.2% to $5.60 in premarket trading, after dropping 3.3% on Tuesday.
The CEO shakeup came a day after a report from Bank of America analysts accused Bed Bath & Beyond of cutting air conditioning in its stores in order to cut costs. The stock of Bed Bath & Beyond cratered after billionaire Ryan Cohen disclosed a nearly 10% stake in the company.
Bed Bath & Beyond decided to remove MyPillow products from its store in January 2021. There is no evidence that Bed Bath & Beyond dropped MyPillow because of its stock performance.
Bed Bath & Beyond is accused of turning off air conditioning in stores to save money.
Bed Bath and Beyond stock collapsed after earnings.
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