Bed Bath & Beyond will lay off more employees in an attempt to reduce costs, the company said, a week after announcing it was exploring options including bankruptcy
A person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kellywill lay off more employees in an attempt to reduce costs, the company said on Tuesday, a week after announcing it was exploring options including bankruptcy.about 20% of its corporate and supply chain workforce.
"As our strategic direction changes and we streamline our operations, it is necessary to right-size our organization to ensure we are equipped for the future," the company said in a statement on Tuesday, without revealing the magnitude of the new layoffs.a third-quarter loss of $393 million and said it has started cost reductions of about $80 million to $100 million across its corporate business, including overhead expenses and headcount.
Shares of the company shot up about 20% as retail investors speculated it could be a potential acquisition target. CNBC, which first reported the latest layoff plans, also said Bed Bath & Beyond would be eliminating the chief transformation officer role currently held by Anu Gupta.
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