Will The Somerville Bed Bath & Beyond Close Its Doors?

SOMERVILLE, MA — The retail chain Bed Bath & Beyond announced Wednesday that it plans to close approximately 150 stores and lay off 20 percent of staff.

Bed Bath & Beyond has 20 locations in Massachusetts, including one at Assembly Row in Somerville. However, the company has not yet said which stores will be closing.

"The Company has identified and commenced the closure of approximately 150 lower-producing Bed Bath & Beyond banner stores," Bed Bath & Beyond said in a news release.

The company said sales are down 26 percent for the second quarter of the fiscal 2022 year compared to 2021 and Bed Bath & Beyond shares fell 25 percent in premarket trading.

However, in Wednesday’s news release the company also said it has secured $500 million in new financing, as well as reduced its plan for capital spending.

"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," said interim CEO Sue Gove 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’s announcement came days after one of its investors sold most of their stake in the company and reports surfaced that some Bed Bath & Beyond suppliers restricted or halted shipments due to unpaid bills.