Initially, positive news was expected to be shared by the company during its investor presentation on Friday, with a press release indicating that the company would be receiving $500 million in funding to bring its current liquidity to $1 billion. The investor optimism that followed was soon quashed when the company revealed its plan to reduce its spending by more than $250 million during the fiscal year.

According to the SEC filing and press release, this plan includes the closure of 150 underperforming stores as well as the retrenchment of 20% of its corporate and supply chain workforce. Furthermore, the retail giant expects sales to fall by 26% this quarter compared to 2021.

“Board of Directors and management team have identified several strategies to implement impactful, organic changes to accelerate further growth and unlock the brand’s full potential including building on its digital and registry platforms, addressing additional age groups and expanding products and services,” the statement read.

The post Bed Bath & Beyond Plummets Before Investor Presentation Following Press Release appeared first on theprimarymarket.com.

While the CEO change might serve Bed Bath & Beyond well in the long term, the shakeup negatively affected its stock. After the news was made official, BBBY stock plunged more than 19 percent. It traded at around $5.23 per share throughout Wednesday compared to the $6.53 close on the day before. BBBY has been down 65 percent since the beginning of the year.

Bed Bath & Beyond’s fiscal 2022 first-quarter results showed that the company saw a 24 percent crash in same-store sales. The company’s sales came at $1.46 billion, which is significantly down from the $1.95 billion it reported a year earlier. It also missed the expected $1.51 billion mark.

The new leadership is expected to consider a series of aggressive moves in attempt to get the company back on track. This includes hiring advisory firm Berkeley Research Group to assess Bed Bath & Beyond’s inventory and balance sheet and reorganization of their baby brand Buybuy Baby.

The post Bed Bath & Beyond Plunges More Than 19 Percent After CEO Change appeared first on theprimarymarket.com.

Initially, positive news was expected to be shared by the company during its investor presentation on Friday, with a press release indicating that the company would be receiving $500 million in funding to bring its current liquidity to $1 billion. The investor optimism that followed was soon quashed when the company revealed its plan to reduce its spending by more than $250 million during the fiscal year.

According to the SEC filing and press release, this plan includes the closure of 150 underperforming stores as well as the retrenchment of 20% of its corporate and supply chain workforce. Furthermore, the retail giant expects sales to fall by 26% this quarter compared to 2021.

“Board of Directors and management team have identified several strategies to implement impactful, organic changes to accelerate further growth and unlock the brand’s full potential including building on its digital and registry platforms, addressing additional age groups and expanding products and services,” the statement read.

The post Bed Bath & Beyond Plummets Before Investor Presentation Following Press Release appeared first on theprimarymarket.com.

While the CEO change might serve Bed Bath & Beyond well in the long term, the shakeup negatively affected its stock. After the news was made official, BBBY stock plunged more than 19 percent. It traded at around $5.23 per share throughout Wednesday compared to the $6.53 close on the day before. BBBY has been down 65 percent since the beginning of the year.

Bed Bath & Beyond’s fiscal 2022 first-quarter results showed that the company saw a 24 percent crash in same-store sales. The company’s sales came at $1.46 billion, which is significantly down from the $1.95 billion it reported a year earlier. It also missed the expected $1.51 billion mark.

The new leadership is expected to consider a series of aggressive moves in attempt to get the company back on track. This includes hiring advisory firm Berkeley Research Group to assess Bed Bath & Beyond’s inventory and balance sheet and reorganization of their baby brand Buybuy Baby.

The post Bed Bath & Beyond Plunges More Than 19 Percent After CEO Change appeared first on theprimarymarket.com.