Bed Bath & Beyond Inc. survived the recession and outlasted competitor Linens ‘n Things, positioning the seller of towels, bedding and other home-related items to reap the rewards of a booming U.S. housing market.
Instead, the chain is mired in a slump. Last week it reported its sixth consecutive quarter of declining same-store sales, and said profit plunged 48%. Its shares have fallen more than 81% from their all-time closing high of $80.48 on Jan. 3, 2014, erasing some $15 billion in market value. On Wednesday, the...