Bed Bath & Beyond to cut jobs, close underperforming stores as part of turnaround plan

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Bed Bath and Beyond said that it will lay off employees and close underperforming stores as part of a turnaround plan that was announced on Wednesday.

The struggling home goods retailer said it will cut about 20% of its workforce across corporate and supply chain, close 150 lower-producing stores and announced that it secured $500 million in new financing.

Bed Bath & Beyond

The planned announcement came hours after Bed Bath & Beyond said in a regulatory filing that the retailer could offer shares of its common stock, sending shares down as much as 20% in premarket trading.

The size of the potential stock offering was not disclosed.

This is a developing story. Please check back for updates.

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