Home and living retail giant Bed Bath & Beyond has appointed executive chair Marcus Lemonis as CEO, effective immediately.

The group’s portfolio includes Bed Bath & Beyond, Overstock, BuyBuy Baby, Kirkland’s Home, and a range of digital and blockchain-related assets, including Tzero and GrainChain.

In a letter to shareholders, Lemonis outlined plans to stabilise the business and return the brand to profitable growth, with a focus on cost reduction, acquisitions and expanding beyond traditional retail revenue streams.

“For over 55 years, Bed Bath & Beyond has been a beloved and trusted retail brand,” Lemonis said. 

“People understand the Bed. They understand the Bath. But few could explain the ‘Beyond’ part of our name.”

Lemonis said the company’s core operations have stabilised following significant restructuring and mergers, allowing management to shift attention to growth initiatives.

That strategy includes strengthening the omnichannel retail model and expanding into adjacent categories, including home services, home transactions, staging and renovation support, and protection and financial tools.

“As we expand outside of purely transactional retail, we believe we can better navigate housing market cycles and build more resilient revenue streams,” explained Lemonis.

The company also plans to pursue acquisitions over the next 12 months.

In November last year, Bed Bath & Beyond agreed to acquire The Brand House Collective in a deal valued at nearly $27 million.

Lemonis added that merger synergies are expected to deliver approximately $25 million in additional cost savings over the next year.

“My reason is simple yet ambitious,” he added. “I want to make owning, living in, and caring for a home easier, less expensive, and more rewarding for all.”