A Bed Bath & Beyond store in New York City.
Bed Bath & Beyond announced in a financial update for investors that it is closing about 150 stores.
The company is also cutting its corporate staff by about 20% as sales fell 25% last quarter.
The company is one of several to initiate a round of sweeping layoffs in recent months.
Bed Bath & Beyond plans to close about 150 of its stores and cut its corporate workforce by 20%.
The announcement was made ahead of a financial-update call on Wednesday. Shares of the retailer’s stock fell by more than 24% after Bed Bath & Beyond revealed sales across its stores had dropped 25% in the previous quarter.
The company plans to cut costs by $250 million in 2022 via layoffs and store closures and has already begun shutting down some of its flagship stores that it has identified as underperforming.
“The company continues to evaluate its portfolio and leases, in addition to staffing, to ensure alignment with customer demand and go-forward strategy,” Bed…
This article was written by [email protected] (Grace Kay) and originally published on www.businessinsider.com