Bed Bath & Beyond said it would close roughly 20% of its namesake stores, cut its workforce and bring in fresh cash to stabilize the business through the holiday season as the retailer confronts plunging sales.
The home-goods seller is attempting to trim costs and raise money as it tries to correct recent operating missteps and navigate a challenging economic environment. It has been burning through its cash reserves for several quarters, and a shopper exodus has shaken investor and vendor confidence.
