Stock Alert: Bed, Bath & Beyond Down 12%

(RTTNews) - Shares of Bed, Bath & Beyond Inc. (BBBY) are slipping over 12% on Wednesday morning. The home retailer outlined a three-years turnaround plan Wednesday, which includes store closures and supply chain changes. U.S. stocks are trading down on Wednesday morning as investors are worried about the economic impact due to spike in coronavirus cases lately.

The company said it is on track to close about 200 Bed Bath & Beyond stores by 2021 and expects to generate annualized EBITDA savings of around $100 million. BBBY is currently trading at $21.13, down $2.89 or 12.02%, on the Nasdaq.

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