New York, Oct 26 (AP) Bed Bath and Beyond has named Sue Gove as its CEO, after having served in the role on an interim basis since June.

“During her tenure as interim CEO, Sue took consequential actions to increase liquidity and establish the groundwork to improve customer loyalty, traffic, and market share," Harriet Edelman, independent chair, said in a statement.

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The home goods retailer said on Wednesday that Gove will continue to serve as a board member.

Last month Bed Bath and Beyond reported that its fiscal second-quarter sales dropped 28 per cent, but managed to meet Wall Street's view.

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The chain has accelerated markdowns and some promotions to deal with inventory issues. It's looking to cut costs by about USD 250 million in the second half of the year to boost its available cash.

Bed Bath and Beyond previously announced that it would be closing some stores and laying off workers in a bid to turn around its beleaguered business. The company said that it would shut about 150 of its namesake stores and slash its workforce by 20 per cent.

Shares of Bed Bath and Beyond Inc., which is based in Union, New Jersey, fell more than 7 per cent before the market open after a 24 per cent rally on Tuesday. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)