Why Bed Bath & Beyond Stock Rose Today
Shares of Bed Bath & Beyond (NASDAQ: BBBY) have risen today, up by 3% as of 1 p.m. EST, after the company announced a strategic restructuring plan as part of its ongoing turnaround efforts. The consumer discretionary retailer will lay off roughly 500 workers as part of the initiative.
"The restructuring program includes a reorganization and simplification of its field operations, significant reduction in management positions across the business, and outsourcing of several functions," the company said in a statement.
That will entail removing layers of management within the company as well as eliminating redundant positions. Bed Bath & Beyond also said it would reduce and realign regional zones in an effort to simplify its field operations. Outsourcing certain functions will free the company to focus on its "core competencies."
Source Fool.com
