Bed Bath & Beyond plans to close roughly 150 of its flagship stores, cut its workforce and bring in fresh financing to help turn around the struggling retail chain and boost its cash reserves. The news sent its shares tumbling in early trading.
The announcements, including laying off about 20% of its corporate and supply-chain staff, were part of a strategic update just days after the end of the company’s latest quarter. The retail chain reported that comparable sales tumbled 26% in the quarter ended Aug. 27 and its operations burned through about $325 million of its cash reserves.