Bed Bath & Beyond to cut jobs, close underperforming stores as part of turnaround plan
FOX Business Flash top headlines for August 31
Check out what’s clicking on FoxBusiness.com.
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.
Source: Read Full Article