Bed Bath & Beyond to institute mass layoffs and close 150 stores

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Interim CEO Sue Gove, who was brought on in June to replace Mark Tritton following a 25 percent drop in sales during the first quarter of 2022, told staff she was optimistic about the changes.

Over the past two years, retail giant Bed Bath and Beyond has suffered, with business seeing a sharp decrease as a result of pandemic-induced supply chain issues, inflation, and decisions regarding which products to stock.

The company said that it has gotten a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers including J.C. Penney and Designer Brands. It has expanded $1.13 billion asset-backed revolving credit facility, too.

Earlier Wednesday, it said in a filing that it will sell an undisclosed amount of shares. The retailer’s stock was down 26% in premarket trading.

Sources:
https://thepostmillennial.com/bed-bath-beyond-to-institute-mass-layoffs-and-close-150-stores

https://www.nbcnews.com/business/corporations/bed-bath-store-closures-layoffs-new-turnaround-plan-rcna45618

https://www.tradingview.com/symbols/NASDAQ-BBBY/