Investing.com – Bed Bath & Beyond stock (NASDAQ:) climbed 56% in Wednesday’s premarket trading on a flurry of news including an accelerated share repurchase plan.

It is now expected that the $1 billion buyback program will be completed by February’s end, which would put it two years ahead. $400 million remains outstanding in the program.

There were also rumors of a short squeeze forcing the stock’s bears to scramble for cover, further fueling its rise. Short-sellers have been fondly interested in the stock, who are skeptical of its ability to recover. According to several estimates, 25% or more of the company’s free capital is being short-sold.

Separately, the company announced it would launch a digital marketplace to help third-party sellers. It will provide a carefully curated collection of brands from third party partners.

In an effort to expand its reach, Kroger’s stores (NYSE:), will be selling some of the most popular home, bedding, storage, and baby products. These products will be available on Kroger.com starting in 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 is the interim chief brand and chief digital officer of the company. He has now been appointed chief customer officer. This new role also incorporates his brand and digital roles.