NEW JERSEY (WTVO) — Bed Bath & Beyond announced Wednesday that it will close 150 of its “lower producing” stores nationwide in an effort to revive its struggling business.

The New Jersey-based company detailed its plans during a call with investors, which also included reducing its workforce by 20%.

The company also announced it had secured $500 million in loans to help its balance sheet.

According to CNBC, Bed Bath & Beyond has lost hundreds of millions in sales because it didn’t have items in stock, and former CEO Mark Tritton, who was brought in to steady the ship, was fired in June.

Bed Bath & Beyond’s stock gained the attention of retail traders that set off a roller coaster ride for months, reaching $30.06 in August. It closed at $8.78 on Thursday.

The company also announced Wednesday that it had sold an undisclosed amount of shares, and that it is eliminated the jobs of chief operating officer and chief stores officer.