Bed Bath & Beyond closing more stores in new "turnaround plan"
Bed Bath & Beyond Inc. said Tuesday that it's mapping out a "turnaround plan" as it attempts to avoid bankruptcy after raising hundreds of millions of dollars.
- The company, which had about 950 locations as of November, said it's closing more locations and hopes to keep about 480 open, including 360 of its namesake stores.
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.