The mood around Bed Bath & Beyond (BBBY.US) deteriorated ahead of the opening of today's session following a series of news related to a strategic update. Here are the company's key developments:
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The company confirmed obtaining $500 million in new financing to improve its liquidity position
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The company announces layoffs (20% of the workforce) and store closures (150) to reduce costs
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Company announces sale of up to 12 million shares of common stock (ATM).
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The company is reducing its capital spending plan from $400 million to $250 million and exiting ⅓ of its brands (Haven, Wild Sage and Studio 3B).
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The company's shares are currently losing more than 24%. Source: Bloomberg
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Źródło: Bloomberg
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