SIOUX CITY, Iowa (KCAU) — Sioux City’s Bed Bath and Beyond location will be closing its doors in the latest wave of store closings.
The Sioux City store is located at 5751 Sunnybrook Drive, and the closing is part of Tuesday’s news that the chain will be shuttering 150 more stores across the nation.
The announcement came after the company based in Union, New Jersey, said it had raised about $1 billion through offerings of preferred stock and warrants to purchase the company’s common stock, the AP reported. The funds will be used to pay off its debt, it said.
The company’s volatile stock, which rose 92% on Monday, fell 47% on Tuesday, ending the day at $3.01, down 82% over the past year.
“We continue to put our customers at the center of every decision, positioning Bed Bath & Beyond to meet and exceed their expectations, while resetting our foundation for near- and long-term success” Sue Gove, Bed Bath & Beyond president and CEO said. “We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities.”
Gove added that the company is “prioritizing availability of leading national and emerging direct-to-consumer brands our customers know and love.”
The store chain started closing several stores after the company defaulted on its loans, according to previous reports.
“This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores,” a spokesperson told Nexstar. “We will update all stakeholders on our plans as they develop and finalize.”
Gove said the board and management are evaluating “every strategic alternative available to us to reach the appropriate solution to maximize prospects for all stakeholders in our pursuit of long-term value creation.”
A release states that they are looking to keep 360 Bed Bath & Beyond stores open and approximately 120 buybuy BABY stores open in the U.S.
The Associated Press contributed to this report.