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

[mahatmakanejeeves]

Hat tip, Joe.My.God.

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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[Enter stage left]

1. I'm male and this just breaks my heart. It is one of my favorite stores to shop.

[3catwoman3]

2. Nooooooo!

I love B,B&B. It always fascinates me to see the various products people have developed that I would never have thought of, especially space saver items like collapsible laundry baskets. Who'da thunk?

[Nanuke]

3. I am not surprised.

I quit shopping there even before the pandemic. In each of three stores near me, there would be lines queuing up to check out that were 10-15 shoppers deep. No care about the shopping and waiting to checkout experience was for customers. Especially horrid at busy holiday times. Could never find anyone on the shopping floor either to ask for help. They deserve what they got.

[bucolic_frolic]

4. Claustrophobia dies as a retail strategy