Bed Bath & Beyond announces plans to close 150 stores

Retail chain Bed Bath & Beyond announced Wednesday that it plans to close more than 100 stores and lay off staff.

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The company made the announcement in a news release, saying it has already identified and begun closing 150 “lower-producing” stores, and said that it “continues to evaluate its portfolio and leases, in addition to staffing.”

“We are embracing a straight-forward back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns,” Sue Grove, director and interim CEO said in a statement. “In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers’ favorite brands and exciting products.”

The company will be laying off 20% of its staff, CBS News reported. A full list of the stores that would be closing was not made available.

The company’s announcement came days after one of its investors sold much of their stake in the company, CNN reported.

Last week, Bloomberg reported that some suppliers are restricting or stopping shipments to Bed Bath & Beyond, because the company had fallen behind on payments.

In Wednesday’s news release, Bed Bath & Beyond said that it had secured $500 million in new financing, as well as reduced its plan for capital spending.

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