Bed Bath & Beyond is making a last-ditch effort to save itself
New York (CNN Business) Bed Bath & Beyond is in deep turmoil. The company is trying to rescue itself and stay out of bankruptcy by shrinking.
The chain said Wednesday that it will lay off approximately 20% of corporate employees, close around 150 stores and slash several of its in-house home goods’ brands.
Crucially, the company also said it secured more than $500 million in financing to shore up its ailing financial straits.
Berna Barshay, an independent retail analyst, said the company’s moves were the “prototypical rearranging deck chairs on the Titanic” and the business was in structural decline.
Target TGT Amazon AMZN Bed Bath & Beyond BBBY Shoppers in recent years have switched to other chains such as, while the novelty of Bed Bath & Beyond’s beloved coupons has faded because consumers can easily find cheap prices onand other online sites. Shares of, which has become a violate “meme stock” in recent years, fell 20% in early trading Wednesday.
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