Bed Bath & Beyond to cut 500 jobs, or 10% of its corporate workforce

Bed Bath & Beyond to cut 500 jobs, or 10% of its corporate workforce
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  • Bed Bath & Beyond is cutting about 500 jobs, or 10% of its corporate workforce.
  • “This will reset our cost structure, allowing us to re-invest where it matters,” CEO Mark Tritton says.
  • Bed Bath & Beyond said it expects to reduce expenses by roughly $85 million annually, as a result of its restructuring plan.

Bed Bath & Beyond is cutting about 500 jobs, or 10% of its corporate workforce, as part of a larger restructuring plan in a bid to trim expenses, the retailer announced Thursday.

The company said it is making a “significant reduction” in management positions across its business, as it pivots to outsourcing some tasks.

Bed Bath & Beyond said it expects to reduce expenses by roughly $85 million annually, as a result of this plan. It says it plans to trim several hundred million dollars in costs over the longer term.

“We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model,” CEO Mark Tritton said in a statement. “We do not take this action lightly but, while difficult, these measured and purposeful steps are necessary. This will reset our cost structure, allowing us to re-invest where it matters most to our customers, to re-establish our authority in the Home space.”

Bed Bath & Beyond said it is removing duplicate jobs and cutting certain middle layers of store management.

The retailer employees roughly 55,000 to 60,000 people overall, depending on the season. It has roughly 3,000 people working at its corporate headquarters, in New Jersey.

Source: CNBC

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