Bed Bath & Beyond

Bed Bath & Beyond

has announced the closure of 150 stores as well as layoffs.

Bed Bath & Beyond, a popular home goods retailer, is reducing its nationwide store footprint.

The S&P 500 ended a disappointing month on Friday, but it cut its losses following a monthly U.S. jobs report that was mostly in line with expectations.

Earlier this week, the retailer announced plans to close approximately 150 stores and lay off approximately 20% of its corporate employees. There are over 700 Bed Bath and Beyond locations worldwide.

According to the Labor Department, the United States added 315,000 jobs in August, exceeding economist estimates of 298,000 jobs.

Wages in the United States increased 5.2% year on year and 0.3% from July. The company announced $500 million in new financing as well as layoffs and store closures, and the stock dropped more than 25% on the week.

Nvidia, a chipmaker, revealed that the US government is restricting sales of its semiconductor products to China due to concerns that the Chinese military could exploit the technology.

Nvidia expects to lose $400 million in revenue from China in the current quarter, sending the company's stock down more than 12% on the week.

The move is being made to combat falling store sales. The company is headquartered in Union and has 28 locations throughout New Jersey.