Bed Bath & Beyond is hoping its latest financial move will allow it to stave off bankruptcy.
The company announced a stock offering that it expects to bring in more than $1 billion.
The money will be used to pay off some of its debt and attempt to rehab the struggling business.
Bed Bath & Beyond filed a report in January with the Securities and Exchange Commission that said it received notice of default on a loan from JPMorgan Chase Bank.
The company also plans to close 150 more stores across the country.
The announcement comes about a week after the company said it would close 90 additional Bed Bath & Beyond stores.
The company also announced last week that it was closing all of its Harmon locations.
They are mostly located in New York and New Jersey — with additional locations in California, Nevada and Florida.
If the stock selloff does not work, Bed Bath & Beyond warned that it will likely need to file bankruptcy.
The retailer initiated a new merchandising and inventory strategy in the third quarter of 2022.
However, Sue Gove, president and CEO of Bed Bath & Beyond Inc., said they did not achieve their goals.
The company reported that sales declined more than 30% compared to the third quarter of 2021.
