Bed Bath & Beyond Is Laying Off 2,800 Employees

CNN Newsource
By CNN Newsource
August 26, 2020Business News
Bed Bath & Beyond Is Laying Off 2,800 Employees
A Bed Bath & Beyond store in Larkspur, Calif., on July 9, 2020. (Justin Sullivan/Getty Images)

Bed Bath & Beyond is eliminating 2,800 jobs effective immediately, as the troubled retailer tries to streamline its operations and shore up its finances amid the pandemic.

The significant reduction of corporate employees and retail workers will help Bed Bath & Beyond save $150 million in annual pretax cost savings, the company said Tuesday. As of February, the retailer had 55,000 employees, so the cuts amount to 5 percent of its total workforce.

Tuesday’s “action forms part of a series of changes we are making to reduce the cost of our business, further simplify our operations, and support our teams so we can emerge from the pandemic in an even stronger position,” CEO Mark Tritton said in the statement.

Last month, Bed Bath & Beyond announced it was permanently closing 200 stores starting later this year. Brick-and-mortar stores continue to struggle as people shift their shopping online. The company, which also operates Buybuy Baby, Christmas Tree Shops, and Harmon Face Values, has about 1,500 stores. Nearly 1,000 of those are Bed Bath & Beyond locations.

Tritton was named Bed Bath & Beyond’s CEO last October, joining the retailer from Target. In addition to the layoffs and store closures, Tritton is bolstering the company’s digital efforts and launching new in-house brands next year.

™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.
ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.