Shares of Bed Bath & Beyond dip on restructuring plan

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Shares of Bed Bath & Beyond plunged after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a possible stock offering. The company said it has obtained more than $500 million of new financing and was reducing 20% of its workforce. It also plans to close about 150 namesake stores but will keep its buybuy Baby chain. The retailer said Wednesday in the Securities and Exchange Commission filing that it may offer, issue and sell shares of its common stock from time to time. It plans to use the proceeds to pay down its debt, among other uses.