The home supply retail giant Bed Bath & Beyond is on the verge of bankruptcy and collapse, as it announces the closure of more of its stores, massive layoffs, and more stock offerings. The retailer announced on Aug. 31, as part of a “strategic update,” that it will lay off approximately 20 percent of its corporate workforce, close around 150 of its “lower producing” store locations, and remove some of its in-house brands.
BBNY also said it secured a critical loan of more than $500 million to shore up its ailing finances and to expand its $1.13 billion asset-backed revolving credit facility and a new $375 million “first-in-last-out” facility….