Bed Bath & Beyond announced restructuring plans, which include plans to close about 150 stores.
NEW YORK — Shares of Bed Bath & 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.
Bed Bath & 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 wasin 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.
The retailer said Wednesday in a Securities and Exchange Commission filing that it may offer, issue and sell shares of its common stock from time to time. It plans to use the proceeds to pay down its debt, among other uses.
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