Bed Bath & Beyond stated Wednesday that it’ll shutter shops and lay off employees in a bid to show round its beleaguered enterprise.
The dwelling items retailer based mostly in Union, New Jersey, stated it can shut about 150 of its namesake shops and slash its workforce by 20%. It estimated these cuts would save $250 million within the firm’s present fiscal yr. It additionally stated it’s contemplating promoting extra of its inventory to shore up its funds and had lined up greater than $500 million of recent financing.
But it can maintain its buybuy Baby chain, which earlier this yr it thought of promoting.
Bed Bath & Beyond’s inventory fell greater than 20% Wednesday and is down 65% within the final 12 months.
Lottery eyes Keno, scratch tickets
It’s one month into fiscal yr 2023 and the headline numbers look good for the Massachusetts Lottery, although the company’s head on Tuesday flagged two regarding tendencies which have cropped up and can warrant nearer inspection going ahead.
Interim Executive Director Mark William Bracken advised the Lottery Commission that, after changes, the Lottery had an estimated $13.3 million improve in internet revenue by the primary month of fiscal yr 2023 in comparison with the beginning of fiscal 2022. But whereas a Mega Millions jackpot drove gross sales for these tickets, Bracken stated Tuesday that scratch tickets gross sales had been down about 6 % and that Keno gross sales had been down virtually 5 %. Those two product classes account for almost 88 % of all Lottery gross sales.
Source: www.bostonherald.com”