Bed Bath & Beyond says it will be shuttering 150 more stores as the beleaguered home goods chain to cut costs as it works to stave off a bankruptcy.
FILE - A Bed Bath & Beyond sign is shown in Mountain View, Calif., May 9, 2012. Bed Bath & Beyond said Thursday, Jan. 26, 2023, that it is in default on loans and does not have sufficient funds to repay what it owes. – Bed Bath & Beyond said Tuesday it will be shuttering 150 more stores as the beleaguered home goods chain cuts costs as it works to stay afloat.
The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company’s common stock. The funds will be used to pay off its debt, it said. The company's volatile stock, which rose 92% on Monday, fell 47% on Tuesday, ending the day at $3.01, down 82% over the past year.
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