BBBY - Bed Bath & Beyond shoots up 29% as the retailer looks to push forward
Bed Bath & Beyond ( NASDAQ: BBBY ) followed a 27.78% rally on Tuesday with a 28.50% jump in the premarket session on Wednesday to take shares up to $2.67.
The push higher is being attributed to a relief rally that Bed Bath & Beyond ( BBY ) appears to be looking for a path forward and that imminent bankruptcy concerns may have been overdone. Meanwhile, Odeon Capital's breakdown on BBBY is that some type of restructuring is likely required and may limit upside or even vaporize equity value.
Alongside the BBBY earnings report, CEO Sue Gove said the retailer is reducing workforce "across our corporate, supply chain and store portfolio." Bed, Bath & Beyond has also outlined store closings and other cost savings measures.
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Bed Bath & Beyond shoots up 29% as the retailer looks to push forward