Bed Bath & Beyond will close 150 more stores
Bed Bath & Beyond said it planned to close another 150 stores as it continued to reorganize its finances.
The planned shutdowns, announced in a regulatory filing on Monday, come as the company also said it had reached an agreement to raise $1 billion in funding to avoid a bankruptcy filing for now. The funding deal was first reported by The Wall Street Journal.
The locations of the new closures are not yet known. A company representative did not immediately respond to a request for comment.
Shares of Bed Bath & Beyond plunged nearly 50% in Tuesday trading as the deal dilutes existing shareholders.
The company said the new closures build on previously announced closures of approximately 200 Bed Bath & Beyond stores, including some buybuy Baby stores, as well as the closure of 50 standalone Harmon stores in the United States.
Bed Bath & Beyond has announced plans to shut down the Harmon brand completely.
In total, Bed Bath & Beyond will have closed 400 stores over the past year, almost half of its total physical footprint.