Bed Bath & Beyond said Wednesday that it will shutter stores and lay off workers in a bid to turn around its beleaguered business.
The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesake stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.
But it will keep its buybuy Baby chain, which earlier this year it considered selling.
Bed Bath & Beyond’s stock fell more than 20% Wednesday and is down 65% in the last 12 months.
Lottery eyes Keno, scratch tickets
It’s one month into fiscal year 2023 and the headline numbers look good for the Massachusetts Lottery, though the agency’s head on Tuesday flagged two concerning trends that have cropped up and will warrant closer inspection going forward.
Interim Executive Director Mark William Bracken told the Lottery Commission that, after adjustments, the Lottery had an estimated $13.3 million increase in net profit through the first month of fiscal year 2023 compared to the start of fiscal 2022. But while a Mega Millions jackpot drove sales for those tickets, Bracken said Tuesday that scratch tickets sales were down about 6 percent and that Keno sales were down almost 5 percent. Those two product categories account for nearly 88 percent of all Lottery sales.
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