Bed Bath & Beyond closing approximately 150 stores, laying off about 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.
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