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Bed Bath & Beyond Inc. announced it would close 150 stores and cut jobs as a measure to save the company. The American merchandise retail store chain brand is also getting $500 million in financing to overhaul its struggling business.
Bed Bath & Beyond revealed on Wednesday, Aug. 31, that it was able to gather more than $500 million funds in new financing. This will help it battle a slump in profit and customer demand. The company confirmed it would be shutting its stores that are not doing well and about 150 outlets are affected, as per Reuters.
In addition, the Union, New Jersey headquartered retail store company affirmed it will lay off some 20% of its workforce. The job cuts will affect staff in the corporate and supply chain units. The moves are part of its measures to revive the business that has been on a decline in recent years.
CNBC reported that these actions are necessary as Bed Bath & Beyond’s sales continue to slow down and results from the most recent quarter showed how bad the company’s financial situation is. In fact, its same-store sales dropped by 26% in the last three months ending on Aug. 27.
In an attempt to work on the company’s recovery, the company executives laid out the plans for its turnaround push during a call with investors. As mentioned earlier, the details include job terminations to slash costs and store closures. It also secured a $500 million financing which included a loan.
Bed Bath & Beyond encountered many issues and has taken many blows already. The retailer said its sales plummeted and lost millions of dollars as it was not able to keep its shelves full all the time since did not have items in stock. The current management believes that its new approach to reviving the company will work this time in winning back customers who have jumped fences and started shopping in rival stores.
"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns,” Bed Bath & Beyond’s director and interim chief executive officer, Sue Gove, said in a press release.
The interim CEO added, "We are working swiftly and diligently to strengthen our liquidity and secure our path for the future and have taken a thorough look at our business, and today, we are announcing immediate actions aimed to increase customer engagement, drive traffic, and recapture market share.”
