Bed bath & beyond to close 150 stores, 20 percent layoffs

(KYMA, KECY/ CNN) - Bed, bath, and beyond is closing 150 of its stores.

They are laying off about 20 percent of its staff.

This rattled investors Wednesday.

Shares declined more than 20 percent after the news.

Bed, bath, and beyond executives tried to calm fears about the chain's future with news of a new financial lifeline.

The retailer has secured a 500-million dollar loan, which it will use to stay afloat

But experts say doing an extreme makeover could be a challenge in the current retail climate due to supply chain issues and inflation.