Bed Bath & Beyond’s new CEO is out the door after the company’s performance declined even more under his tenure.

The company stated Wednesday that CEO Mark Tritton will leave the company and the board effective immediately. Board member Sue Grove will take the helm as interim CEO.

Tritton, who very successfully improved Target’s operations, was brought back to Bed Bath & Beyond in 2019. However after another disastrous quarter, with sales crashing 27%, and adjusted operating profits coming in at a loss of $224 million, the decision was made to remove him.

The company ended the quarter with only $107 million in cash, as it noted it was searching for an active CEO, and might sell its baby business, buybuy BABY.

Shares fell 18% in early trading, and are down over 80% from its high reached in early 2021.

A Loop Capital analyst has said the company is in a “death spiral,” and may be out of business within one year.