Bed Bath & Beyond said it plans to close another 150 stores as it continues to reorganize its finances.
The planned closures, announced in a regulatory document On Monday, the company also said it had reached an agreement to raise $1 billion in funding to avoid filing for bankruptcy for now. The fundraising deal was first reported by The Wall Street Journal.
The locations of the new closures are not yet known. A company representative did not immediately respond to a request for comment.
Bed Bath & Beyond shares fell nearly 50% in trading on Tuesday as the deal dilutes existing shareholders.
The company said the new closures build on previously announced closures of approximately 200 Bed Bath & Beyond stores, including some Buybuy Baby locations, as well as the closure of 50 standalone Harmon stores in the US.
Bed Bath & Beyond says it plans to shut down the Harmon brand entirely.
In total, Bed Bath & Beyond will have closed 400 stores in the past year, nearly half of its total physical presence.