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Bed Bath & Beyond Announces Store Closings, Other Measures to Shore Up Balance Sheet
Housewares retailer Bed Bath & Beyond Inc. on Wednesday announced strategic changes to drive growth and profitability and improve its balance sheet and cash flows. These include the closing of about 150 underperforming stores, a process that’s already underway, layoffs of 20% of staff and securing $500 million in new financing commitments.
“The company continues to evaluate its portfolio and leases, in addition to staffing, to ensure alignment with customer demand and go-forward strategy,” the Union, NJ-based retailer said in a statement.
Also undergoing scrutiny is Bed Bath & Beyond’s merchandising and inventory strategy, which will now focus on national brands. It’s discontinuing three of its store brands and will reduce the remaining six brands’ share of inventory.
“We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” said interim CEO Sue Gove.
- ◦Financing
