As part of its financial restructuring plan amid the global pandemic, Bed Bath & Beyond announced that it plans to lay off about 2,800 employees across its corporate headquarters and retail stores, effective immediately.
In a news release put out on Tuesday, the retailer, which also operates buybuy Baby, Harmon Face Values and World Market, says that the decision to eliminate jobs is part of its financial restructuring plan. Per the release,”the significant workforce reduction” is meant to help “reduce layers at the corporate level, significantly reposition field operations to better serve customers in a digital-first shopping environment, as well as realign technology, supply chain and merchandising teams to support strategic growth initiatives.” Bed Bath & Beyond estimates that the layoffs, along with the company’s previously stated restructuring plans, will save the company about $150 million.
“Saying goodbye to colleagues and friends is incredibly difficult, but this component of our comprehensive restructuring program is critical to rebuild the foundation of our business, construct a modern, balanced and durable business model, and meet the structural shift in customer shopping and service preferences that we have seen accelerate as a result of COVID-19,” Bed Bath & Beyond President and CEO Mark Tritton said in a statement.
News of the layoffs follows Bed Bath & Beyond’s July announcement that it plans to close 200 stores over the next two years. In January, the retailer released a list of 40 Bed Bath & Beyond locations that will shutter their doors this year.
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