Friday, February 28, 2020

Bed Bath & Beyond to Cut 500 Jobs

The Street
Bed Bath & Beyond said Thursday it's cutting about 500 jobs, or 10% of its workforce, in an effort to reduce expenses by about $85 million annually as part of its restructuring plan.

Mark Tritton, Bed Bath & Beyond's president and CEO, said in a company statement, "We are announcing extensive changes today to right-size our organization as part of our efforts to reconstruct a modern, durable business model. 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.". . . more