Bed Bath & Beyond gets $500 million in financing, to shut 150 stores

2022.08.31 15:19

FILE PHOTO: A customer walks into a Bed Bath & Beyond store in Novi, Michigan, U.S., January 29, 2021. REUTERS/Emily Elconin/File Photo

(Reuters) – Bed Bath & Beyond Inc (NASDAQ:BBBY) said on Wednesday it has secured more than $500 million in new financing as the cash-strapped home goods retailer battles a slump in demand and profit.

The company said it would shut about 150 underperforming stores and cut about 20% of its workforce across its corporate and supply chain.

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