Bed Bath & Beyond To Shutter 150 Stores (VIDEO)
August 31, 2022

Reuters reports:

Bed Bath & Beyond Inc on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business.

Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little to improve Bed Bath & Beyond’s business as shares fell 25%. The retailer also announced a plan to raise money by issuing new shares.

The big-box chain – once considered a so-called “category killer” in home and bath goods – has seen its fortunes falter after an attempt to sell more of its own brand, or private label, goods.

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Yahoo Finance

Bed Bath & Beyond stock tanks after cutting staff, closing stores, and floating share sale

Myles Udland and Brian Sozzi
Wed, August 31, 2022 at 8:09 AM

Bed Bath & Beyond (BBBY) stock is getting smoked early Wednesday as investors get more clarity on the mess facing the struggling retailer.

On Wednesday morning, in an SEC filing and a press release ahead of an investor presentation, the company outlined plans to issue more stock, close 150 stores, and fire 20% of its staff as the retailer looks to stem the bleeding from a collapse in sales.

Shares of the retailer were down more than 24% in early trading as of 9:38 AM ET.

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