MommaBearApr 24, 2023
Robert Reich

RT @SamAugustDean
Bed Bath & Beyond blew one billion dollars on stock buybacks, a direct cash transfer to shareholders, in 2021.

Now it's bankrupt, in no small part because of that $1B hole, and....no severance for workers who've been there for 20 years.

https://www.cnbc.com/2023/04/23/bed-bath-beyond-files-for-bankruptcy-protection.html

Bed Bath & Beyond files for bankruptcy protection

Bed Bath & Beyond has filed for bankruptcy after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour.

CNBC
Apr 24, 2023 at 9:27pmWeb
Show threadNeil BrownApr 24, 2023
@rbreich Yes, management was incompetent and deceitful. And BBB never had any sustainable niche beyond couponing everything. But, to say it "...was just so fast." shows a worker who was living in a bubble and trying to not know anything about the company for which they worked.
Show threadSaftyKumaApr 24, 2023

@stratamar @rbreich

It *did* seem pretty clear that BBB management was intentionally driving the store into the ground for the past decade or more, but I can understand that some workers want to believe the corporate cheerleading that if they followed the plan and worked hard things could be turned around. They were no doubt being gaslit during allhands meetings. Not to mention, Americans are collectively being gaslit into thinking neoliberalism actually works.

Show threadRobin CapperApr 24, 2023
@rbreich If that's not criminal it should be
Show threadKarl kApr 24, 2023
@rbreich Driving the company to bankruptcy while artificially inflating the stock price was the whole point of the stock buyback. Squeeze the company for every penny, then rape the corpse. C Suite and shareholders get rich and everyone else gets screwed.
Show threadMove forward or die!Apr 25, 2023
@rbreich how much did the CEO make in the last two years?
Show threadComputeforloot Apr 25, 2023
@rbreich damn shame