Bed Bath & Beyond plans to shutter roughly 150 of its stores, the company announced in a press release Wednesday. The home goods giant is retooling operations amid financial challenges and aims to pursue a more customer-focused strategy to improve sales. 

Additionally, the company is decreasing its staff by about 20% in order to scale down its operating costs and stave off more losses. Two leadership roles -- chief operating officer and chief stores officer -- were eliminated in the process. In efforts to drive growth and lure in more shoppers, the chain plans to beef up its inventory with customer favorites and increased supply for its more popular products such as Calphalon. That strategy also includes pushing its BuyBuy Baby subsidiary, introducing "new, emerging direct-to-consumer brands" and sunsetting several of its private labels: Haven, Wild Sage and Studio 3B.

Bed Bath & Beyond said that it secured $500 million in new financing as it works to revamp the business. Closing "lower-producing" stores is a direct result of slower sales, which the company attributes to competition and supply chain issues. The retailer hopes its Welcome Rewards program will help drive customers to shop more while getting perks and savings whether they visit a physical store or buy online.