Reports indicate that Ashley Buchanan has been dismissed from a leading role due to a conflicting relationship with the romantic partner of her business associate, Chandra Holt.
The two are co-founders of a coffee venture and share a $3 million home in a neighborhood known as Baquero Club, as noted by the Wall Street Journal.
Buchanan, 51, and Holt, 45, initiated divorce proceedings from their former spouses in 2020, and court documents related to Buchanan’s divorce reveal that her relationship with Holt was significant.
Recently, Buchanan shared a video on Holt’s LinkedIn promoting a coffee product infused with collagen and melatonin.
Although the couple met in 2015 while employed at Walmart, they reportedly kept their romantic involvement under wraps from corporate executives at Walmart, Michaels, and Kohl’s, despite the conflict of interest that necessitated disclosure.
Both held executive positions in significant retail companies—Holt was the CEO of Bed Bath & Beyond’s parent entity, while they were recruited by each other’s firms.
The report suggests that while Buchanan was leading Kohl’s, Holt’s product was being offered to both Kohl’s and Michaels.
Buchanan was let go on May 1, just four months into her tenure, after an investigation uncovered that she had brokered a rather unusual deal with Holt’s company, Incrosibrew, and had drafted a multi-million dollar contract with a consulting firm.
Kohl’s chairman, now interim CEO Michael Bender, confronted Buchanan about the situation on April 30. Bender had prior relationships with both Buchanan and Holt during their time at Walmart but was unaware of their current relationship.
Executives from major retail firms stated they were never made aware of the personal connection. For instance, Michaels considered hiring Holt for a senior position shortly after Buchanan became CEO, but she did not disclose any personal relationships during that recruitment process.
Buchanan also opted not to acknowledge their connection when Michaels agreed to stock Inskerville coffee capsules.
Rumors began circulating among employees who suspected an affair, particularly because coffee capsules were being sold at the registers, despite Michael’s lacking a grocery aisle.
During the early phases of their relationship, Holt lived close to Buchanan’s family while they both were still with their spouses, as recalled by former Walmart executives.
As time went on, Buchanan and Holt began spending time together without their partners. Following his start at Michaels in 2019, Buchanan filed for divorce shortly thereafter on January 3, 2020, with court documents suggesting Holt’s relationship was pivotal in his divorce.
Simultaneously, Michaels initiated efforts to recruit Holt for a top role, but she remained at Walmart due to a non-compete clause, as reported.
Holt separated from her husband in March 2020 and subsequently filed for divorce later that year. They attempted to retract their divorce filings twice before finalizing the process in 2024.
In 2021, Holt departed Walmart to take the lead at HomePlus, a chain within the HomeGoods sector, and later moved to Texas. She then transitioned to a significant role at Bed Bath & Beyond in 2024.
Throughout this period, Buchanan and Holt recommended candidates to each other for potential job placements, with Holt facilitating roles for former Michaels executives.
Buchanan’s divorce became contentious in 2021 when Apollo Global Management completed a $3.3 billion deal to take Michaels private. While it was expected that Buchanan would earn $32 million from the arrangement, his ex-wife filed a motion to freeze the settlement, alleging he had not been fully transparent about the deal. The specific terms of their final settlement remain undisclosed.
