Source: Joe Raedle / Getty
Bed Bath & Beyond announced Wednesday that it will close locations and lay off staff to turn around its struggling company.
The retailer said it would close around 150 of its namesake stores and cut 20% of its workers. According to its estimate, the company would save $250 million as a result of the cuts. It also stated that it is considering selling more stock to shore up its finances and has secured more than $500 million in new financing.
The company will keep its Buybuy Baby chain, despite considering selling it earlier this year.
The share price of Bed Bath & Beyond dropped more than 20% on Wednesday and is 65% in the last 12 months.
