Bed Bath & Beyond is closing an additional 150 stores.
The company is trying to cut costs to save the business after raising about $1 billion to help pay off its debt, The Associated Press reported.
Bed Bath & Beyond officials announced in January that the company could be forced to file for bankruptcy, then weeks later it defaulted on loans and didn’t have enough money to pay back what was owed.
The announcement of the additional store closures came in an SEC filing after the company announced last week that it was shuttering 87 Bed Bath & Beyond locations along with its other stores under the BuyBuy Baby and Harmon Face Value Store brands.
It announced the closing of an additional 150 stores last August, CNN reported.
When it is done, the company will have closed about 400 stores in the past year, CNN reported.
The company plans to keep about 360 Bed Bath & Beyond locations and 120 BuyBuy Baby stores open, according to the SEC filing. All Harmon Face Value Stores will be closed as the company announced last week, CNN reported.
Despite the massive amount of closures, it may not be enough to right the ship in the near future. Bed Bath & Beyond expects first-quarter sales to be down between 30% and 40% but expects quarterly sales to improve later this year, CNN reported.
A list of the latest store closings was not released.