Bed Bath & Beyond Announces , Layoffs, Store Closures and Financing Plans.
CNBC reports that on Aug. 31, the retailer announced steps it's taking to breathe
new life into its struggling business. .
During an investors call, Bed Bath & Beyond said it's already in the process of
closing nearly 150 "lower producing" stores. .
The company will also lay off
about 20% of its workforce.
Additionally, Bed Bath &Beyond has secured over $500 million in financing. .
It was also revealed during the investors call that same-store sales dropped 26% during the three-month period that ended on Aug. 27.
The retailer said it will sell an undisclosed
amount of stock offerings to raise money.
Company shares were down over 20%
the morning of the announcement. .
CNBC reports that Bed Bath & Beyond
feels its new approach can entice previously-loyal shoppers to return. .
There is still an incredible degree of love for Bed Bath & Beyond, Mara Sirhal, brand president of Bed Bath & Beyond, via CNBC.
We must get back to our rightful place as the home category destination, and our goal is to achieve this by leading with the product and brands our customers want. , Mara Sirhal, brand president of Bed Bath & Beyond, via CNBC