Bed Bath & Beyond To Shutter 150 Stores [VIDEO]

Reuters reports:

Bed Bath & Beyond Inc on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business.

Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little to improve Bed Bath & Beyond’s business as shares fell 25%. The retailer also announced a plan to raise money by issuing new shares.

The big-box chain – once considered a so-called “category killer” in home and bath goods – has seen its fortunes falter after an attempt to sell more of its own brand, or private label, goods.

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Bed Bath & Beyond to cut jobs, close stores in bid to reverse losses https://t.co/tLSTkMqjjU pic.twitter.com/i7perK5wwp

— Reuters (@Reuters) August 31, 2022