Bed Bath & Beyond has asked its shareholders to approve a reverse stock split as the retailer fights to avoid filing for bankruptcy. A reverse stock split would provide the company with enough shares to raise up to $300M in equity from a stock offering. The company has scheduled a special meeting for May 9. More: - The company is considering a reverse split ratio in the range of 1-for-10 to 1-for-20.
- In a recent filing, BB&B warned that if the reverse stock isn’t approved, it would not have enough equity to pay its debts and keeps its operations going.
- If approved, the split would significantly reduce the number of outstanding shares of common stock available, allowing the company to issue enough to cover the terms of the offering.
- The split would also increase BB&B’s per-share price.
- BB&B shares were trading at around 30 cents during afternoon trading on Thursday; it closed at 31 cents per share.
- The stock is down nearly 90% YTD.
In related news: - Bed Bath & Beyond entered into a vendor consignment agreement with Hilco Global’s ReStore Capital.
- ReStore Capital agreed to buy up to $120M in merchandise from BB&B’s key suppliers to boost the retailer’s inventory levels.
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The IRS unveiled its Inflation Reduction Act Strategic Operation Plan on Thursday aimed at improving taxpayers’ engagement with the agency. In the 150-page document, Commissioner of Internal Revenue Daniel Werfel outlines the plan’s five objectives that the agency aims to accomplish through various initiatives and projects. More: - The IRS was allocated $80B from the climate, healthcare, and tax legislation that President Biden signed last year.
- The plan aims to improve services to help taxpayers meet their obligations and receive the tax incentives they are eligible for.
- It aims to resolve taxpayer issues when they arise and focus expanded enforcement on taxpayers with complex tax filings and high-dollar noncompliance to address the tax gap.
- The agency plans to hire about 30,000 new staff members over two years.
- It aims to deliver cutting-edge technology, data, and analytics to operate more effectively and attract, retain, and empower a highly-skilled, diverse workforce.
- The agency aims to develop a culture that is better equipped to deliver results for taxpayers.
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Disney has named Asad Ayaz, the president of marketing for Walt Disney Studios, as its first-ever chief brand officer. The appointment comes as returned CEO Bob Iger aims to reorganize the company’s structure to put content production, streaming, and marketing in the hands of creators. More: - Ayaz has overseen Walt Disney Studio’s marketing and publicity for its films and TV series, as well as Disney+, since 2018.
- He has been with the company for 18 years.
- Iger, in a statement, praised Ayaz’s passion for Disney and his strategic, operational, and creative prowess.
- Ayaz will oversee the company’s Disney100 campaign, which celebrates the 100th anniversary of the Walt Disney Company.
- Earlier this year, Disney announced plans to cut 7,000 jobs this year as part of broader plan to cut $5.5B in costs.
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Google plans to add conversational AI features to its flagship search engine. The news comes as OpenAI’s ChatGPT has grown in popularity, and other companies like Microsoft are implementing AI features into their product offerings. More: - In an interview with the WSJ, Alphabet CEO Sundar Pichai dismissed claims that AI chatbots pose a threat to Google’s search business.
- Search accounts for more than half of Google parent Alphabet’s revenue.
- Pichai noted that advances in AI would supercharge Google’s ability to answer an array of search queries.
- Google pioneered large language models, or LLMs, which can process and respond to natural-language prompts with humanlike text.
- Pichai added that search users would soon be able to engage with LLMs through question prompts in search.
- On Tuesday, Google announced that its custom chip, the Tensor Processing Unit, or TPU, is faster and more power-efficient than comparable systems from Nvidia Corp.
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According to sources, automakers Stellantis and BMW are in talks with Panasonic to partner up to build EV battery factories in North America. Panasonic specializes in cylindrical battery cells and has been making them for Tesla vehicles for over a decade. More: - Automakers presently have two choices when it comes to EV batteries: cylindrical batteries or rectangular pouch or prismatic shapes.
- Legacy automakers prefer prismatic-shaped batteries as they are larger, need fewer parts, and are often cheaper to produce.
- However, cylindrical batteries tend to have more power and are considered relatively safer than their rectangular counterparts.
- Panasonic and other EV battery manufacturers are working on larger versions of cylindrical batteries.
- If Stellantis and Panasonic reach a deal, it would be the automaker’s third EV battery plant in North America.
- Stellantis, whose brands include Chrysler and Jeep, partnered with LG Energy Solution for a plant in Canada and Samsung SDI for a plant in Indiana.
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Walmart expects about 65% of its stores to be serviced by automation by the end of its fiscal year 2026. The announcement comes as the retailer has been investing heavily in automation to speed up order processing at its e-commerce fulfillment facilities. More: - Walmart expects about 55% of packages processed through its fulfillment centers will be moved through automated facilities by January 2026.
- Walmart said the changes would reduce the need for lower-paid roles.
- Walmart employs about 1.7 million workers in the U.S. and 600,000 abroad.
- The changes are expected to reduce unit cost averages by about 20%.
- Walmart operates more than 10,500 stores and clubs globally, including over 5,000 stores in the U.S.
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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