Bed, Bath & Beyond to close stores

Massachusetts shoppers looking to spruce up their home decor may have one less brick and mortar option to patronize.

Bed Bath & Beyond announced Wednesday it plans to close 150 stores and lay off 20% of corporate and supply chain staff in an attempt to stabilize the business amid falling sales. The company reported a sales decline of 26% in the second quarter compared to last year.

The retailer has more than 700 locations across the U.S., including 20 in Massachusetts. As of Thursday, it was unclear whether any Massachusetts stores were expected to close. Bed Bath & Beyond did not immediately respond to a request for that information.

"We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," Interim CEO Sue Gove said in a statement. "In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers' favorite brands and exciting products. We command a special presence in the Home and Baby markets, and we intend to fulfill our opportunity to be the category retailer of choice."

The company announced it has secured an additional $500 million in financing to help balance the cashflow, and said it plans to sell back 12 million shares of stock. These cost-cutting measures are expected to save the company $250 million in fiscal year 2022, the company said in a press release Wednesday.

Bed Bath & Beyond will discontinue three of its nine in-house labels, and will put a renewed focus on national brands instead. The company also hopes to strengthen and grow its other retailer brand, BuyBuy Baby, which has one Massachusetts location in Braintree.

This isn't the first sign of trouble for the New Jersey-based retailer, which has struggled to keep up with internet shopping trends for years.

In June, Chief Executive Officer Mark Tritton was removed from the company after falling sales and supply chain issues. Tritton, who previously worked for Target, was committed to modernizing the company with an improved online shopping experience and more private label brands.

Adding to the drama is Bed Bath & Beyond's surging stock amid "meme stock mania," where groups of investors on Reddit and Twitter raise prices of stock for struggling companies — most notably GameStop.

USA Today reports that shares of the struggling retailer's stock were up more than 350% from July 25 to Aug. 17. But then they came crashing down on Aug. 18 after activist investor Ryan Cohen said in a filing that he planned to sell his nearly 12% stake in the company.

After Wednesday's announcement, Bed Bath & Beyond stock fell by more than 20 percent.