Bed Bath & Beyond to close stores, cut jobs in rebound bid

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Bed Bath & Beyond says that it will shutter stores and lay off workers in a bid to turn around its beleaguered business. The home goods retailer based in Union, New Jersey, said Wednesday it will close about 150 of its namesakes stores and slash its workforce by 20%. It estimated those cuts would save $250 million in the company’s current fiscal year. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing. But it will keep its buybuy Baby chain, which earlier this year it considered selling. Bed Bath & Beyond’s stock fell more than 20%.