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

By Chelsie Burroughs

Published September 1, 2022 8:31 AM

(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.

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If you have a story that you would like to share with Chelsie you can email her at chelsie.burroughs@kecytv.com.

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