Key Points

* Bed Bath & Beyond said it secured more than $500 million in new financing as it seeks to steady its business.

* It also announced store closures and layoffs as a way to cut costs.

* The struggling retailer will also overhaul its product mix to win back customers.

Bed Bath & Beyond on Wednesday announced swift and significant steps it is taking to try to revive its struggling business, including layoffs, store closures and a shake-up of the brands on its shelves.

On a call with investors, the New Jersey-based retailer laid out details of its latest turnaround push. It said it has started closing about 150 of its "lower producing" namesake stores. It will also slash costs by shrinking head count by about 20% across its corporate and supply chain workforce. To strengthen its balance sheet, the company said it secured more than $500 million in new financing, including a loan.