Bed Bath & Beyond stock rockets on eve of ‘strategic update’
Bed Bath & Beyond Inc. shares soared more than 20% in extended trading Tuesday after the retailer said it would provide a “strategic update” on Wednesday morning, leading investors to hope for a turnaround plan from the beleaguered company.
The home goods retailer has been struggling to keep up with changing consumer tastes and competition from the likes of Amazon.com Inc. and Walmart Inc. It has also been weighed down by a massive debt load.
In recent months, Bed Bath & Beyond has brought in a new CEO, closed stores and sold off some of its businesses. It has also been facing pressure from activist investors to make changes.
The company said it will provide an update on its strategy at 8 a.m. ET on Wednesday. It did not provide any further details.
The news sent Bed Bath & Beyond shares soaring in extended trading. The stock was up 20.5% at $9.15 as of 5:15 p.m. ET.