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.
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!
More Tuesday Stock Market News
- Why Is Sidus Space (SIDU) Stock Up 20% Today?
- Why Is Sotera Health (SHC) Stock Up 102% Today?
- PFE Stock Alert: What to Know as Pfizer Prepares to Manufacture Paxlovid in China
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.