Bed Bath & Beyond to Eliminate 2,800 Jobs in Restructuring Plan

(Bloomberg) — Bed Bath & Beyond Inc. will eliminate 2,800 jobs under a plan to cut costs and streamline operations amid deepening challenges for brick-and-mortar retailers.



a sign in front of a building: A Bed Bath & Beyond Inc. store stands in Clarksville, Indiana, U.S., on Sunday, Jan. 5, 2020. Bed Bath & Beyond Inc. is scheduled to release earnings figures on January 8.


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A Bed Bath & Beyond Inc. store stands in Clarksville, Indiana, U.S., on Sunday, Jan. 5, 2020. Bed Bath & Beyond Inc. is scheduled to release earnings figures on January 8.

The “significant workforce reduction” will begin immediately, affecting both corporate headquarters and retail stores, the home-goods retailer said Tuesday in a statement. Along with previously announced restructuring actions, the latest effort will result in as much as $150 million in annual pretax cost savings, the company said.

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The job cuts follow plans by Bed Bath & Beyond to close 200 stores and sell assets as it navigates a coronavirus pandemic that has upended the retail sector. Like many peers, Bed Bath & Beyond has tried to scale down, build up its e-commerce business, negotiate with landlords and shore up liquidity where it can. In some cases Bed Bath & Beyond deferred rent payments for stores that went dark due to pandemic shutdowns.

The chain had 55,000 workers as of February, suggesting the cuts account for about 5% of the workforce.

Bed Bath & Beyond shares fell as much as 4.2% in late trading on Tuesday before paring much of the loss. The stock has fallen 29% this year through today’s close.

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