Shares of Bed Bath & Beyond (NASDAQ:BBBY) are rallying today after the company announced it will be laying off 1033 employees from the end of March to April 9. The workers impacted are near its headquarters in Union, New Jersey. This includes Port Reading, Secaucus, and Union locations. Furthermore, 262 jobs will be slashed from a Harmon store in Totowa that is to be liquidated.
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Bed Bath & Beyond has been fighting to stay alive, as it has been teetering on the brink of bankruptcy. Indeed, the company was given a lifeline when it announced a deal to raise over $1 billion in capital in multiple installments.
Nevertheless, analysts are still pessimistic, rating BBBY stock as a Strong Sell based on seven Sells assigned in the past three months.