In an attempt to revive its struggling business,
On a call with investors, the retailer said that it would close 150 of its stores, lay off approximately 20% of its workforce, and get rid of several of its in-house home goods' brands. The company also said that it had secured more than
"There is still an incredible degree of love for
Previously the stock had been on a wild ride, with meme investors pushing share up more than 250% in the last month. However, two weeks ago, a key investor dumped nearly his entire stake in the company, and reports surfaced that some of
As part of the push to reshape its image, the company plans to feature national brands more prominently, rather than its in-house brands. Studio 3B, Haven and Wild Sage will be discontinued.
Wednesday's news comes on the heels of an announcement by
As of late May, the company had 955 stores. That includes 769 namesake stores, 135 Buybuy Baby stores and 51 stores under its Harmon or Face Values brands.
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