Shares of H&R Block were the biggest laggards in the S&P 500 Wednesday, plunging because of a disappointing tax season.
H&R Block said the number of U.S. tax returns handled during this tax season fell by nearly 6 percent, prompting the company to make some structural changes to its business. H&R stock closed down 13.56 percent at $20.59 per share, near its lowest level since January 2013.
The tax preparation firm said it will lay off 250 employees as part of a cost-cutting effort. It also plans to realign its operations, with a number of leadership changes, including CFO Greg Macfarlane's move to an operational role. The company said it would give more information when it releases annual results on June 9.