US News Bed Bath & Beyond, known for their 20% off coupons, will be closing 150 stores, laying off 20% of staff

tom_mai78101

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Bed Bath & Beyond announced Wednesday it plans to close dozens of stores and lay off 20% of staff.

"The Company has identified and commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores," Bed Bath & Beyond stated in a news release.

A list of stores that will be closing was not immediately released. Bed Bath & Beyond has 20 locations in Massachusetts and eight in New Hampshire, according to its website. WBZ-TV reached out to the company to see if any local stores will be closing; a spokesman said Bed Bath & Beyond "will share more information when available."

The company says sales are down 26% for the second quarter of the fiscal 2022 year compared to 2021.

Bed Bath & Beyond shares fell 25% in premarket trading.

 

The Helper

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I heard the CFO jumped out a window....

Gustavo Arnal, the CFO of Bed Bath & Beyond who leapt to his death from a Manhattan skyscraper last week, had faced a 'pump and dump' allegation less than two weeks earlier

Gustavo Arnal, the CFO of Bed Bath & Beyond who leapt to his death from a Manhattan skyscraper last week, had faced a "pump and dump" allegation less than two weeks earlier.

On Friday Arnal fell to his death from the 18th floor of 56 Leonard Street, an iconic new skyscraper known as the "Jenga building" on account of its unique design. New York City's medical examiner has ruled the 52-year-old's death a suicide, according to the New York Post.

The CFO's death marks the latest chapter in a turbulent period for the troubled home goods retailer and meme stock phenomenon. Bed Bath & Beyond Inc.'s stock (BBBY)skyrocketed earlier this year but was hit hard last month after activist investor and GameStop Corp. (GME) Chairman Ryan Cohen disclosed he is selling a large stake in the company.

Not mainstream news but the other one was? Maybe Tom just missed it or maybe WTF?
 
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