Bed Bath & Beyond announced Wednesday that it is laying off employees and closing some stores following a decline in sales.
The retailer says it will reduce its workforce by about 20%.
It has also identified approximately 150 "lower-producing" that will be closed. The list of the stores due to close has not been revealed.
"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," said Sue Gove, interim CEO of Bed Bath & Beyond.
The retailer reported a 26% drop in sales compared to the second quarter of the 2021 fiscal year.
In an effort to improve sales, Bed Bath & Beyond said it will change its merchandising and inventory strategy. That strategy, the retailer says, will be rooted in national brands.