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Investing.com – Bed Bath & Beyond stock (NASDAQ:BBBY) climbed 56% in Wednesday’s premarket trading on a flurry of news including an accelerated share repurchase plan.
The company now expects to complete its $1 billion buyback program by the end of its fiscal year in February, two years ahead of schedule. The program still has $400 million outstanding.
There were also rumors of a short squeeze forcing the stock’s bears to scramble for cover, further fueling its rise. The stock has been a favorite of short-sellers who doubt the retailer’s ability to turn itself around. According to various estimates, over 25% of the company’s free float is currently sold short.
In a separate announcement, the company said it is launching a digital marketplace for third-party sellers. The platform will offer a curated selection of brands from third-party partners.
The company also said it will sell some of its most sought-after home, bedding, storage and baby products at Kroger’s (NYSE:KR) stores to widen their reach. Those products will also be hosted on Kroger.com by early 2022.
To oversee the revamp of its operations, Bed Bath President & CEO Mark Tritton said the company is also creating a new position of Chief Growth Officer. Anu Gupta, the company’s chief strategy and transformation officer, will take that role.
Rafeh Masood, the company’s chief digital officer and interim chief brand officer, has been named chief customer officer, also a newly created role combining his digital and brand roles.
