Good morning, Broadsheet readers! Ketanji Brown Jackson will write a memoir, Bed Bath & Beyond considers bankruptcy, and Katrina Lake returns to save Stitch Fix. Have a great weekend.
- Boomerang style. When Stitch Fix founder Katrina Lake handed the reins of her company over to Elizabeth Spaulding in August 2021, the personal-styling business was in a decent position. Its stock had fallen from January 2021 highs, but it was still trading at $54, up 259% from its $15 IPO price in 2017.
In the year-and-a-half since, the market has cratered—and so have the company's shares. Stitch Fix's stock is down 93% since Lake's CEO handover, trading below market performance at just $3.47. The company has conducted multiple rounds of layoffs and slashed its forecasts. Between 2021 and 2022, the service lost 200,000 customers and struggled with an attempted pivot from a subscription box business to a comprehensive, on-demand shopping destination.
