In an attempt to revive its struggling business, Bed Bath & Beyond on Wednesday announced layoffs, store closures and a shake-up of the brands it sells.

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 $500 million in financing.

“There is still an incredible degree of love for Bed Bath & Beyond,” Mara Sirhal, the newly named brand president of Bed Bath & Beyond, said in a statement. “We must get back to our rightful place as the home category destination, and our goal is to achieve this by leading with the product and brands our customers want.”

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Bed Bath & Beyond’s stock dropped more than 20% Wednesday morning, as it added that sales at stores open for at least one year plunged 26% during its latest quarter.

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 Bed Bath & Beyond’s suppliers had halted shipments due to unpaid bills.

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 Snapchat that it would also lay off 20% of its staff.

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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