Bed Bath & Beyond to close 150 more stores

Bed Bath & Beyond said it plans to close 150 more stores as it continues to reorganize its finances.

The planned shutdown, announced in a regulators report on Monday, comes as the company also said it had entered into a $1 billion financing deal to prevent filing for bankruptcy for the time being. The fundraising deal was first reported by The Wall Street Journal.

The locations of the new closures are not yet known. A spokesperson for the company did not immediately respond to a request for comment.

Shares of Bed Bath & Beyond fell nearly 50% in Tuesday trading as the deal dilutes existing shareholders.

The company said the new closure is based on the previously announced closure of approximately 200 Bed Bath & Beyond stores, including some BuyBuy Baby stores, as well as the closure of 50 selected Harmon stores in the US.

Bed Bath & Beyond says it plans to completely shut down the Harmon brand.

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