Bed Bath & Beyond is laying off 20% of its staff and closing stores
Don't worry, Bed Bath & Beyond coupons aren't going awayReplayMore Videos ... (17 Videos)Don't worry, Bed Bath & Beyond coupons aren't going away'Both a warning and a threat': Economics professor decodes Fed chair's commentsFed chair lays out the 'unfortunate costs of reducing inflation''Quiet quitting' isn't actually about quittingOscar Mayer introduces a hot dog-flavored ice popBiden's student loan forgiveness plan: Who it helps, who it doesn'tBiden forgave $10K in student debt. People flooded TikTok with their reactionsHe was a famous hacker. Now, he's detailing his main concern with TwitterStudent loan repayment resumes in a few days. Hear what one economy expert wants to see happen'Intentional to some degree': HUD secy. on racism in home appraisal processEngineer says she 'quiet quit' her job. Hear what that meansSome Tesla drivers use kids as a prop to test 'full self-driving' featureWalmart vs. Target: A tale of two retail resultsMisinformation, not machines, biggest election vulnerability, hackers sayHere's why a growing number of Americans are moving to MexicoHere's how the Inflation Reduction Act could affect youDoes Wall Street understand Netflix?New York (CNN Business)Bed Bath & Beyond's stock tumbled in early trading after it announced layoffs, store closures and fresh financing plans as it tries to reverse its business' decline.
The company said it is laying off approximately 20% of employees from its corporate ranks and supply chain, including eliminating its chief operating officer and chief stores officer roles. Its retail footprint is also being reduced, with around 150 Bed Bath & Beyond stores set to close. A list of closures wasn't revealed. Bed Bath & Beyond (BBBY)shares fell 25% in premarket trading."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. "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."New funding of $500 million has also been secured, that will help "strengthen our liquidity and secure our path for the future," Gove said.Read MoreIts sprawling line of in-house brands is also being reduced, with the company looking to "rebalance its assortment and improve inventory." That means more well-known national brands will be featured more prominently, rather than its own brands. Three of its brands will also face the chopping block, including Studio 3B, Haven and Wild Sage.The retailer has been in deep trouble over the past few years. It dumped its former CEO Mark Tritton in June after only three years at the helm because he failed to turn around its fortunes. He spearheaded growing its private brands portfolio, a strategy that worked at Target, his previous employer, but failed to catch on at Bed Bath & Beyond.Click Here To Get Funded!