Bed Bath & Beyond to close 150 stores, cut 20% of jobs in rebound bid

Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Jan. 14, 2021.
  • Bed Bath & Beyond will close about 150 of its namesake stores and cut its workforce by 20%, the retailer announced Wednesday.
  • But it will keep its buybuy Baby chain, which the company considered selling earlier this year.
  • Bed Bath & Beyond has been facing lots of turbulence recently. The stock ended Wednesday down $2.58 at $9.53.

NEW YORK — Bed Bath & Beyond said Wednesday that it will shutter stores and lay off workers in a bid to turn around its beleaguered business.

The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesakes stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.

But it will keep its buybuy Baby chain, which earlier this year it considered selling.

Bed Bath & Beyond’s stock fell more than 21% Wednesday and is down 65% in the last 12 months.

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