Bed Bath & Beyond to close 150 stores

STORY: Bed Bath & Beyond said on Wednesday it inked deals for more than $500 million in new funding but would close 150 stores and cut jobs.

The big-box chain – once considered a “category killer” in home and bath goods – has seen its fortune falter after an attempt to sell more of its own brand, or private label brands.

The chain is now ditching that plan: nixing three of its private labels, and re-prioritizing national brands with labels including Ugg, Dyson and Cuisinart.

GuideStone’s David Spika says any retailers selling non-essential items are now in a tough spot.

“You can’t live off discount forever. I think as we continue to slow down and consumers continue to be hurt by rising interest rates and eventually job losses, you’re gonna see these discretionary retailers taken on the chin.”

Not only has consumer pullback hurt the box store’s sales, but the health crisis and supply chain crunch have taken a toll on it, too. The retailer says it’s cutting about 20% of its corporate and supply chain workforce.