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AP National Business

Shares of Bed Bath & Beyond dip on restructuring, stock sale

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Published 5:22 AM

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Shares of Bed Bath & Beyond plunged in premarket trading after the struggling home goods retailer announced a restructuring that includes store closures, layoffs and a stock offering. The company 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. Bed Bath & Beyond has been facing lots of turbulence recently. In mid-August, shareholder activist Ryan Cohen sold his entire stake in Bed Bath & Beyond after buying a big stake just months before and pledging to make big changes.

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