Bed Bath & Beyond Announces , Layoffs, Store Closures and Financing Plans.<br />CNBC reports that on Aug. 31, the retailer announced steps it's taking to breathe <br />new life into its struggling business. .<br />During an investors call, Bed Bath & Beyond said it's already in the process of <br />closing nearly 150 "lower producing" stores. .<br />The company will also lay off <br />about 20% of its workforce.<br />Additionally, Bed Bath &Beyond has secured over $500 million in financing. .<br />It was also revealed during the investors call that same-store sales dropped 26% during the three-month period that ended on Aug. 27.<br />The retailer said it will sell an undisclosed <br />amount of stock offerings to raise money.<br />Company shares were down over 20% <br />the morning of the announcement. .<br />CNBC reports that Bed Bath & Beyond <br />feels its new approach can entice previously-loyal shoppers to return. .<br />There is still an incredible degree of love for Bed Bath & Beyond, Mara Sirhal, brand president of Bed Bath & Beyond, via CNBC.<br />We must get back to our rightful place as the home category destination, and our goal is to achieve this by leading with the product and brands our customers want. , Mara Sirhal, brand president of Bed Bath & Beyond, via CNBC
