LOS ALAMITOS, CA- The 52-year-old company, Bed Bath and Beyond, has closed over 150 stores in the past year including 12 in California, with plans to close 400 more nationwide. A list of store closures in California can be found here.

The company has revealed that it has struck a deal to raise $1 billion in funding to stave off a bankruptcy filing for now. However, it is not looking good for their ability to remain in business indefinitely. The fundraising deal was first reported on by The Wall Street Journal.

“In the bankruptcy process, BBBY shareholders are last in line to get paid — after all those creditors — when the company’s assets are liquidated. Simply put, bankruptcy is unlikely to leave any cash for shareholders,” said Forbes Magazine. The store closures have occurred in the wake of mismanagement of the company. Their former CEO, Mark Tritton, instituted a plan which would put into practice some of the ideals he had put in place successfully during his tenure at Target as their Chief Merchandising Official.

Prior to Tritton’s appointment, 70 percent of the merchandise bought by local store managers was based on local tastes and needs, said Forbes magazine. However, Tritton advocated for not allowing the store managers to pick the products and instead moved towards private label merchandise because it proved to be more lucrative at Target than selling branded products. Unfortunately, Tritton failed to consult customers before instituting the changes, leading many customers to stop shopping as they couldn’t find the specific brands they wanted.

So, how will this affect customers?

The company has pledged to continue to operate in all of its open locations, and many of them will be having store closing sales with significant markdowns. More information about impacted aspects of the Bed Bath and Beyond shopping experience can be found here. They also are continuing to allow online sales on their website. Many customers will be forced to turn to other stores, like TJ Maxx, HomeGoods, Amazon, Target, and Ross. The retail spaces vacated by the closing Bed Bath and Beyond Stores in all 50 states are in high demand due to the scarce availability of large retail spaces for companies like Target, Planet Fitness, and Nordstrom Rack.

“E-commerce scared a lot of people off from building retail,” said Brandon Isner, the head of retail research at CBRE, a commercial real estate firm. “A lot of great real estate is going to come available into a market where there’s been no vacancies. It will not take long for retailers to occupy those spaces.”