Bed Bath & Beyond said it plans to close another 150 stores as it continues to reorganize its finances. The planned closures, announced in a regulatory filing Monday, come as the company also said it had struck a deal to raise $1 billion in funding to stave off a bankruptcy filing for now. The fundraising deal was first reported by The Wall Street Journal.
The locations of the new closures are not yet known. A company representative did not immediately respond to a request for comment.
Shares in Bed Bath & Beyond plunged nearly 50% in Tuesday trading as the deal dilutes existing stockholders.
The company said the new closures build on the previously announced shutdowns of approximately 200 Bed Bath & Beyond stores, including some buybuy Baby locations, as well as the closure of 50 standalone Harmon stores in the U.S.
Bed Bath & Beyond says it plans to shut down the Harmon brand entirely.
In total, Bed Bath & Beyond will have shuttered 400 stores in the past year or so — nearly half its total brick-and-mortar footprint.