Struggling retailer Bed Bath & Beyond plans to close approximately 150 “lower-producing” stores and reduce its workforce by as part of ongoing efforts to turn things around.
The chain has secured more than $500 million in new financing as well.
The New Jersey-based retailer ousted its former CEO in June after reporting slumping sales. Supply chain issues have also hounded the chain. Bed Bath & Beyond currently has an interim CEO and is looking for a replacement.
In a presentation prepared for investors, the chain said it was making “sweeping changes to serve our customers, drive growth and profitability, and deliver business returns.”
It announced plans to sell some of its shares to pay down debt as part of the restructuring strategy.
The planned reduction in workforce will include approximately “20% across corporate and supply chain,” the company said.
The retailer outlined a strategy to bring back “popular national brands” to draw more customers to stores and “regain dominance” as a home goods shopping destination.
The company will also prioritize the expansion of its buybuy Baby stores.