Bed Bath & Beyond Layoffs 2023: What to Know as BBBY Preps More Job Cuts

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  • Bed Bath & Beyond (BBBY) layoffs are coming alongside store closures.
  • The company intends to close down about 130 locations to cut costs.
  • This news comes as the company warns BBBY stock investors of a looming bankruptcy filing.
The front view of a Bed Bath & Beyond layoffs (BBBY) retail location in Indianapolis, Indiana.

Source: Jonathan Weiss / Shutterstock.com

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 detailed a plan to close about 130 stores. Doing so is part of its goal to cut between $80 million to $100 million in costs by reducing the headcount.

The company hasn’t clarified exactly how many employees will lose their jobs as a result of the closures. However, Bed Bath & Beyond’s layoff plan comes after it has already been shuttering stores due to economic troubles.

Bed Bath & Beyond Layoffs Follow Poor Earnings

In its latest earnings report, Bed Bath & Beyond detailed poor results during the holiday period. That included revenue falling 33% year-over-year (YOY) to $1.3 billion. The company saw net losses widen 42% YOY to $393 million as well.

All of this news comes as the company warns investors of a potential bankruptcy filing. President and CEO Sue Gove said the following in the recent 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 the daily average trading volume of about 14 million shares.

BBBY stock is up 19.4% as of Tuesday afternoon.

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On the date of publication, William White did not hold (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/01/bed-bath-beyond-layoffs-2023-what-to-know-as-bbby-preps-more-job-cuts/.

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