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BBBY Stock: Bed Bath & Beyond Layoffs Lead to 1,000 More Job Cuts

  • Shares of Bed Bath & Beyond (BBBY) stock are surging today following news of job cuts.
  • More than 1,000 employees will be eliminated at a number of New Jersey locations.
  • In addition, hundreds more job cuts will be tied to the closure of another Harmon store.
BBBY stock - BBBY Stock: Bed Bath & Beyond Layoffs Lead to 1,000 More Job Cuts

Source: QualityHD /

One of the most volatile stocks in the market over the past year is Bed Bath & Beyond (NASDAQ:BBBY). A popular retailer that saw an impressive short squeeze, shares of BBBY stock have gone from a 52-week high of $30 per share to roughly 85 cents per share today. That’s including an impressive 8% move higher in this stock today.

Today’s move appears to be tied to additional job cuts at various locations in New Jersey. It’s expected that more than a thousand workers at the company’s

Layoffs won’t be limited to store staff either. The company will shutter an additional Harmon health and beauty store in Totowa. This will result in more than 260 additional job cuts. Notably, Bed Bath & Beyond had already made the decision to liquidate these stores earlier this year.

With more cost-cutting efforts underway, the market appears to be taking this news positively today. Let’s dive into what investors may want to make of this price action in BBBY stock right now.

BBBY Stock Surges on Additional Job Cuts

Interestingly, that appears to be the case for Bed Bath & Beyond. This retailer, like many of its peers, faces unfavorable macro conditions. Additionally, balance sheet weakness and other company-specific factors have led to concerns about the company ultimately going bankrupt, with equity investors left holding the bag.

These job cuts are welcomed by investors who are constantly pricing the probability of default risk into this stock. We’ll have to see how Bed Bath & Beyond is able to navigate these trying times. However, the market is providing most companies the license to eliminate jobs, which management teams are jumping on.

On the date of publication, Chris MacDonald did not have (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 Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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