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12:16 PM · 31 August 2022

BBBY's mighty declines ahead of Wall Street's opening

Bed Bath & Beyond
Stocks
BBBY.US, Bed Bath & Beyond Inc
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The mood around Bed Bath & Beyond (BBBY.US) deteriorated ahead of the opening of today's session following a series of news related to a strategic update. Here are the company's key developments:

  • The company confirmed obtaining $500 million in new financing to improve its liquidity position

  • The company announces layoffs (20% of the workforce) and store closures (150) to reduce costs

  • Company announces sale of up to 12 million shares of common stock (ATM). 

  • The company is reducing its capital spending plan from $400 million to $250 million and exiting ⅓ of its brands (Haven, Wild Sage and Studio 3B).

  • The company's shares are currently losing more than 24%. Source: BloombergŹródło: Bloomberg

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