Bed Bath & Beyond closing about 150 stores, laying off 20% of employees

In this May 9, 2012 file photo, a Bed Bath & Beyond sign is shown in Mountain View, Calif.& Beyond lost nearly a quarter of their value Wednesday after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a possible stock offering.

The company said it has obtained more than $500 million of new financing and was reducing 20% of its workforce.& Beyond also said that it would go back to its original strategy of focusing on national brands, instead of pushing its own store labels. That reverses a strategy embraced by its former CEO Mark Tritton who was ousted in June after less than three years at the helm amid slumping sales and supply chain issues.

Executives on a call with analysts on Wednesday vowed that what makes the new approach different is that it would not return to its "stock-it-high" merchandising approach.& Beyond brand division, said on the call that customers have communicated that "national brands are an important part of their shopping experience with us.

Shares fell 24%, or $2.92, to $9.19 in early trading on Wednesday, after closing down more than 9% to $12.11 in regular markets Tuesday.

Source: News Formal (newsformal.com)

That’s a shame. BB&B was a good store. I predict they will go out of business as there is too much competition from Amazon, Walmart, Target, Costco, etc. We may also be saying bye bye to bye bye baby for the same reason, but I don’t know for sure.

20%? How did they come up with that percentage?

💔💔💔💔😢😢😢😢

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