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…