Bed Bath & Beyond: Store closures, layoffs in new turnaround plan
Bed Bath & Beyond said Wednesday that it secured more than $500 million in new financing and that it is closing stores and laying off staff as it seeks to fix
Bed Bath & Beyond said Wednesday that it secured more than $500 million in new financing and that it is closing stores and laying off staff as it seeks to fix its struggling business.
The moves were part of a wave of changes the home goods retailer announced ahead of an investor update early Wednesday.
As part of its turnaround push, Bed Bath said it will close about 150 of its “lower producing” namesake stores and reduce its workforce by about 20% across its corporate and supply chain staff. The company said slowing sales have carried into the current fiscal quarter, with same-store sales down 26% so far in the period — a steeper drop that it has seen in years.
To win back customers, Bed Bath said it will bring back popular national brands to its shelves as part of a merchandise overhaul. Interim CEO Sue Gove said all of the efforts are aimed at regaining the company’s “dominance as a preferred shopping destination.”
Excess inventory is slashing prices at major department storesAug. 26, 202202:39“We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns,” she said in a news release.
Rating: 5