Bed Bath & Beyond announced on Wednesday that it had obtained more than $500 million in new funding
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and that it is closing locations and terminating employees in an effort to turn around its faltering operations.
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The modifications were a part of a flurry of adjustments the home goods giant disclosed before a
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Wednesday morning investor briefing. Bed Bath announced that as part of its recovery effort, it would
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liquidate roughly 150 of its "poor generating" namesake stores and lay off about 20% of its corporate
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and supply chain workers. According to the corporation, decreasing sales have continued into the current fiscal
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quarter, with same-store sales currently down 26% — the biggest decline in years. Bed Bath announced
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that as part of a merchandising change, it will reinstate well-known national brands to its shelves in
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an effort to win back customers. All of the initiatives, according to interim CEO Sue Gove, are focused on
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reclaiming the company's "dominance as a favoured retail location." In a news release, she stated,
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"We are embracing a straightforward, back-to-basics mindset that focuses on better servicing our customers.
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