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 document On Monday, the company also said it had reached an agreement to raise $1 billion in funding to avoid 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.
Bed Bath & Beyond shares fell nearly 50% in trading on Tuesday as the deal dilutes existing shareholders.
The company said the new closures build on previously announced closures of approximately 200 Bed Bath & Beyond stores, including some Buybuy Baby locations, as well as the closure of 50 standalone Harmon stores in the US.
Bed Bath & Beyond says it plans to shut down the Harmon brand entirely.
In total, Bed Bath & Beyond will have closed 400 stores in the past year, nearly half of its total physical presence.
