Bed Bath & Beyond stock tanks after cutting staff, closing stores, and floating share sale
Posted on AllSides August 31st, 2022
From The Left
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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