Bed Bath & Beyond has announced a new financing plan and will close stores to resolve the company’s financial woes.
Longtime retail-store company has secured over $500 million in new funding, including a loan. The company plans to use the money to level out the crippling business. The news was announced Wednesday that it is also already closing down about 150 of its “lower producing” namesake stores, and the number of Bed Bath & Beyond employees will be cut down by 20 percent, NBC New reports.
Despite its decline in sales over the past few years, the brand has maintained itself as a reliable household name.
“There is still an incredible degree of love for Bed Bath & Beyond,” said Mara Sirhal, the newly named brand president of Bed Bath & Beyond. “We must get back to our rightful place as the home category destination, and our goal is to achieve this by leading with the product and brands our customers want.”