PFE - Bed Bath & Beyond Layoffs 2023: What to Know as BBBY Preps More Job Cuts
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Bed Bath & Beyond (NASDAQ:BBBY) layoffs are on the way as investors expect a bankruptcy filing from the company soon.
In the latest Bed Bath & Beyond earnings report, the company details its plan to close 130 stores. Doing so is part of its goal to cut between $80 million to $100 million in costs by reducing its headcount.
BBBY doesn’t say how many employees will lose their jobs as a result of these store closures. However, Bed Bath & Beyond’s layoff plans come after it has already been shutting down stores due to economic troubles.
Bed Bath & Beyond Layoffs Follow Poor Earnings
In the company’s latest earnings report, it detailed poor results during the holiday period. That includes revenue falling 33% year-over-year (YOY) to $1.3 billion. To go along with that, the company saw net losses widen 42% YOY to $393 million.
All of this comes as the company has warned investors of a potential bankruptcy filing. CEO Sue Gove said the following in the earnings report.
“As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals.”
With today’s news, shares of BBBY stock are seeing heavy trading volume. As of this writing, more than 76 million shares have changed hands. That’s a massive leap over its daily average trading volume of about 14 million shares.
BBBY stock is up 19.4% as of Tuesday afternoon.
Investors looking for more of the latest stock market news today are in luck!
InvestorPlace has all that news ready to go with over coverage of the market on Tuesday! That includes everything happening with shares of Sidus Space (NASDAQ:SIDU), Sotera Health (NASDAQ:SHC), and Pfizer (NYSE:PFE) stock today. You can read that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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