Bed Bath & Beyond closing more stores in new "turnaround plan"

Why it matters: The company has taken steps in recent days to raise money and continue cutting costs.

Driving the news: Bed Bath & Beyond said it has begun "incremental" closures of its namesake locations and its buybuy Baby stores "in response to evolving shopping preferences."

• "The Company will continue to execute its customer-focused turnaround plans by optimizing its store footprint, investing in inventory, and pursuing infrastructure improvements," Bed Bath & Beyond said in a statement.
• Bed Bath released two new store closings lists in January, which include the closure of its Harmon beauty shops.

Worth noting: The company announced Tuesday that it had completed its plan to raise $225 million in a securities sale that could also lead to it receiving another $800 million in proceeds.

• The cash injection comes at a crucial time as Bed Bath & Beyond recently warned that it was considering filing for bankruptcy protection.
• "This transformative transaction will provide runway to execute our turnaround plan," CEO Sue Gove said in a statement.

What's next: The retailer also said it had "identified significant opportunities across its infrastructure and operations" to streamline costs, including supply chain and technology.