Bed Bath & Beyond says it is reviewing data breach

Kimberly Redmond//October 31, 2022//

Bed Bath & Beyond says it is reviewing data breach

Kimberly Redmond//October 31, 2022//

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Bed Bath & Beyond is reviewing a after a third party used a phishing scam to access a hard drive and certain shared drives of one of its employees, according to an Oct. 28 filing with the U.S. Securities & Exchange Commission.

In its notice, the Union-based home goods retailer said it is looking into what happened but “has no reason to believe” the accessed data contained sensitive and/or personally identifiable information, nor will the incident have a “material impact on the company.”

did not disclose when the incident occurred.

Bed Bath and Beyond -ANTHONY92931 / / CC BY-SA (HTTPS://CREATIVECOMMONS.ORG/LICENSES/BY-SA/3.0) https://commons.wikimedia.org/wiki/File:Bed_Bath_%26_Beyond.jpg
Bed Bath & Beyond said it is looking into a data breach but “has no reason to believe” the accessed data contained sensitive and/or personally identifiable information, nor will the incident have a “material impact on the company.” CREATIVECOMMONS

This isn’t the first time the big box giant experienced a data breach. In October 2019, Bed Bath & Beyond reported to the SEC that less than 1% of online customer accounts were compromised during an incident but that no payment cards were impacted.

The new filing comes two days after Bed Bath & Beyond announced its interim chief executive officer, Sue Gove, will take on that role permanently. 

The retailer said Gove will continue to focus on implementing its turnaround strategy.

Under the strategic plan announced in August, Bed Bath & Beyond aims to strengthen its financial positioning, increase customer engagement, drive traffic and recapture market share. As part of the first phase, the company closed 150 banner stores – including three in New Jersey – and let go of about 20% of its Bed Bath & Beyond workforce.

Last week, Bed Bath & Beyond announced it will close its Princeton buybuy Baby store in coming months, but did not elaborate on the reason for the closure or whether any more are expected.

Despite calls from activist investor Ryan Cohen for Bed Bath & Beyond to narrow the focus of its turnaround and consider selling buybuy Baby, the company has said it sees “strategic potential” in the brand and will continue to monitor its progress.