Page 39 - Mark Tritton News Today

The retailer confirmed that it has taken out more than $500 million in new financing as it seeks to shore up its struggling business.

Bed Bath & Beyond says that it will shutter stores and lay off workers in a bid to turn around its beleaguered business

The company made the announcement Wednesday. The retail chain additionally will cut 20% of its workforce.

Bed Bath & Beyonds shares were down over 24% in premarket trading as it gave its strategic update.

Bed Bath & Beyond is in deep turmoil. The company is trying to rescue itself and stay out of bankruptcy by shrinking.

The retailer, based in Union, NJ, also said that it would go back to its original strategy of focusing on national brands.

Shares of Bed Bath & Beyond lost nearly a quarter of their value after it announced a plan including store closures, layoffs and a possible stock offering.

Retail chain Bed Bath & Beyond and social media firm Snap both announced major layoffs on Wednesday, as high inflation and a sagging economy hammer large US companies. 

Shares of Bed Bath & Beyond lost nearly a quarter of their value after it announced a plan including store closures, layoffs and a possible stock offering.

Retailer has also eliminated two C-suite level positions