Bed Bath & Beyond to Close 150 Stores, Raises New Financing

Bed Bath & Beyond plans to shut roughly 150 of its flagship shops, minimize its workforce and usher in contemporary financing to assist flip across the struggling retail chain and increase its money reserves. The information despatched its shares tumbling in early buying and selling.

The bulletins, together with shedding about 20% of its company and supply-chain employees, had been a part of a strategic replace simply days after the tip of the corporate’s newest quarter. The retail chain reported that comparable gross sales tumbled 26% within the quarter ended Aug. 27 and its operations burned via about $325 million of its money reserves.