Over the last decade, value co-creation has attracted a great deal of interest as a joint process of mutual benefits realization. However, few studies consider close buyer-supplier interactions that either do not affect value creation or, indeed, lead to its destruction. We contribute to this area by developing the notion of value co-destruction as the obliteration of benefits or the elimination of opportunities for benefits creation in buyer-supplier exchange. We consider value as an in-use, phenomenological concept and its destruction or elimination the result of activities of actors in an exchange context. We develop this notion of value destruction in terms of economic - perceptual, direct - indirect, and individual - organizational manifestations. We also consider the underlying mechanisms that influence these in terms of managerial economic decisions, organizational processes and social dynamics within the relational exchange process.