NAYZE MEDIA (STAFF)
U.S. NEWS: NEW YORK
Cover Photo Courtesy: CNBC
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On Wednesday Bed Bath & Beyond (BBBY) announced their plan to restructure their business. Including closing some stores, layoffs, and a possible stock option. According to a report from the Associated Press, BBBY shares lost almost a quarter of their value on Wednesday after the announcement.
The chain says it will close around 150 stores nationwide. They say they will keep their “Buy Buy Baby” chain. BBBY said it will also go back to its original strategy of focusing on national brands, instead of pushing its own store labels. Shares fell by as much as 24% early in the trading day on Wednesday, before closing down a little more than 9% by the end of normal trading hours.