Bed Bath & Beyond says it has secured more than $500 million in new financing, and it is closing stores and laying off staff as it seeks to fix its struggling business.
said Wednesday that it secured more than $500 million in new financing and that it is closing stores and laying off staff as it seeks to fix its struggling business.the home goods retailer announced ahead of an investor update early Wednesday.
To win back customers, Bed Bath said it will bring back popular national brands to its shelves as part of a merchandise overhaul. Interim CEO Sue Gove said all of the efforts are aimed at regaining the company’s “dominance as 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,” she said in a news release.
Bed Bath also announced more leadership changes Wednesday, including the departure of Chief Operating Officer John Hartmann. It said that role and the chief stores officer role have been eliminated. Its boardThe company’s finances and its business are. As the retailer has spent money on store remodels, new private brands and stock buybacks, its sales have slowed and its excess inventory racked up. Its net losses widened to $357.7 million in the most recent quarter.
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