Why Pitney Bowes Is Delivering for Investors Today
Pitney Bowes (NYSE: PBI) has agreed to liquidate much of its money-losing e-commerce business with the help of Hilco Global. Investors are cheering the news, sending Pitney Bowes shares up as much as 35% at the open and up 14% as of 11:30 a.m. ET.
Shares of shipping company Pitney Bowes have lost about half their value since the beginning of 2021, with the company weighed down by some poor decisions and investments in its global e-commerce (GEC) segment.
In May, Pitney Bowes announced plans to cut upward of $100 million in annual costs as part of a broader push to overhaul the business. It also named board member Lance Rosenzweig as interim CEO with a mandate to stabilize operations and find a solution for GEC.
Source Fool.com
