Bed Bath & Beyond has announced that it will close 150 stores—about 16% of its retail footprint—and lay off nearly a quarter of its workforce.
The home furnishings giant said the 150 stores it is shuttering are "lower-performing" outlets in a portfolio that totaled 955 prior to the announcement, including 769 namesake stores, 135 Buybuy Baby outlets and 52 stores under its Harmon and Face Value brands.
The retailer also said it will be laying off about 20% of its corporate and supply chain workforce. The corporate cuts include the elimination of the chief operating officer and chief stores officer positions.
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