Bed Bath & Beyond Says It Will Close 150 Stores And Cut Staff By 20%

ACROSS AMERICA — Bed Bath & Beyond said Wednesday it is closing 150 stores and cutting 20 percent of its workforce in a constriction aimed at turning around the struggling home goods store.

The closures will include “lower producing” banner namesake stores, and layoffs will be across corporate and supply chain staff, the company said in a news release ahead of a call with investors Wednesday.

Sluggish sales have carried into the third quarter, the company said, with in-store sales dropping by 26 percent for the three-month period ending Aug. 27, compared with the same period in 2021. It was the steepest drop in sales the chain had seen in years.

The company said it had received $500 million in new financing to shore up its business model before the important fourth quarter holiday shopping season. Plans include returning national brands to store shelves, a strategy interim CEO Sue Gove said is intended to make the company once again “a preferred shopping destination.”

“We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns,” Gove said in the release, adding, “The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability, and financial returns.”