Bed Bath & Beyond closes 150 stores and cutts off staff to save company

Bed Bath & Beyond on Wednesday announced swift and significant steps it is taking to try to revive its struggling business, including layoffs, store closures and a shake-up of the brands on its shelves.

The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesakes stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing. When asked which locations would be closing, a Bed Bath & Beyond spokesperson told Nexstar it would share the information “when available.

The moves are urgently needed for the troubled retailer, which also disclosed Wednesday that slowing sales have carried into the most recent quarter. Same-store sales plummeted 26% for the three-month period ended Aug. 27 — an even steeper drop than the declines of recent quarters.

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Bed Bath's shares have been on a meme stock-fueled roller-coaster ride for months, rocketing up to $30.06 and falling to a low of $4.38 in the past year. As of Tuesday's close of $12.11, the shares are down about 17% year to date.


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