Bed Bath & Beyond stock tanks after cutting staff, closing stores, and floating share sale

Bed Bath & Beyond (BBBY) stock is getting smoked early Wednesday as investors get more clarity on the mess facing the struggling retailer.

On Wednesday morning, in an SEC filing and a press release ahead of an investor presentation, the company outlined plans to issue more stock, close 150 stores, and fire 20% of its staff as the retailer looks to stem the bleeding from a collapse in sales.

Shares of the retailer were down more than 21% as of the market close on Wednesday.

In a release ahead of its investor presentation, Bed Bath & Beyond said it received commitments for $500 million in additional financing, bringing its current liquidity to roughly $1 billion as the company struggles for survival. The retailer also filed with the SEC to sell up to 12 million additional shares of common stock.

Bed Bath & Beyond outlined plans to cut costs by $250 million in its fiscal 2022 and will cut 20% of its corporate and supply chain staff as it leans out the operation.

The company also said it…

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This article was written by and originally published on finance.yahoo.com