Bed Bath & Beyond to buy back up to $675 million of shares in next three years

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Bed Bath & Beyond Inc. shares jumped 3.6% in premarket trade Wednesday before surrendering those gains to trade lower, after the retailer announced a $225 million accelerated share buyback program. Union, New Jersey-based Bed Bath & Beyond said it is planning to buy back shares totaling up to $675 million over the next three years. The program will be funded by cash resources generated from the sale of certain non-core assets. The company suspended buybacks in March as part of actions taken to conserve cash during the pandemic. The company will hold an investor day on Wednesday and will discuss the share buyback program and other measures to invest for growth. Shares have gained 39% in the year to date, while the S&P 500 has gained 5%.
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