The post Bed Bath & Beyond Announces Possible Closure If Losses Persist appeared first on theprimarymarket.com.
]]>“The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code,” the statement read.
Sales plummeted more than 30% for the third financial quarter compared to the same period in 2021, falling to $1.259 billion from $1.878 billion. While this quarter came before the traditionally busy holiday season, analysts noted that the struggling retailer faces a myriad of issues including a decline in demand and customer traffic as well as reduced levels of inventory.
As a result of its declining financial performance, Bed Bath & Beyond expects to incur a net loss of $385.8 million for the quarter.
The post Bed Bath & Beyond Announces Possible Closure If Losses Persist appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Plummets Before Investor Presentation Following Press Release 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.
]]>The post Bed Bath & Beyond Extends Rally Following Strategic Update appeared first on theprimarymarket.com.
]]>This uptick comes as the struggling retail company seems set to complete a funding deal worth around $400 million. Bed Bath & Beyond management confirmed that it will hold a conference call on August 31 to provide a business and strategic update to stakeholders.
Victoria Scholar, head of investment at Interactive Investor said that investors are optimistic that the rumored funding deal will be announced during the conference call. “The fundamentals of the business remain rocky but its Reddit army of bulls have upheld its share price,” she commented.
Morgan Stanley geared up its clients for the call as well, explaining in a note that the most important item on the agenda for the update would be the announcement of potential funding for Bed Bath & Beyond.
Having debuted in 1992, Bed Bath & Beyond’s stock experienced its highest increase in August, surging by 165% following the decision of Ryan Cohen to sell his entire 9.8% stake in the company.
The post Bed Bath & Beyond Extends Rally Following Strategic Update appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Plunges More Than 19 Percent After CEO Change 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.
]]>The post Bed Bath & Beyond Announces Possible Closure If Losses Persist appeared first on theprimarymarket.com.
]]>“The Company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code,” the statement read.
Sales plummeted more than 30% for the third financial quarter compared to the same period in 2021, falling to $1.259 billion from $1.878 billion. While this quarter came before the traditionally busy holiday season, analysts noted that the struggling retailer faces a myriad of issues including a decline in demand and customer traffic as well as reduced levels of inventory.
As a result of its declining financial performance, Bed Bath & Beyond expects to incur a net loss of $385.8 million for the quarter.
The post Bed Bath & Beyond Announces Possible Closure If Losses Persist appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Plummets Before Investor Presentation Following Press Release 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.
]]>The post Bed Bath & Beyond Extends Rally Following Strategic Update appeared first on theprimarymarket.com.
]]>This uptick comes as the struggling retail company seems set to complete a funding deal worth around $400 million. Bed Bath & Beyond management confirmed that it will hold a conference call on August 31 to provide a business and strategic update to stakeholders.
Victoria Scholar, head of investment at Interactive Investor said that investors are optimistic that the rumored funding deal will be announced during the conference call. “The fundamentals of the business remain rocky but its Reddit army of bulls have upheld its share price,” she commented.
Morgan Stanley geared up its clients for the call as well, explaining in a note that the most important item on the agenda for the update would be the announcement of potential funding for Bed Bath & Beyond.
Having debuted in 1992, Bed Bath & Beyond’s stock experienced its highest increase in August, surging by 165% following the decision of Ryan Cohen to sell his entire 9.8% stake in the company.
The post Bed Bath & Beyond Extends Rally Following Strategic Update appeared first on theprimarymarket.com.
]]>The post Bed Bath & Beyond Plunges More Than 19 Percent After CEO Change 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.
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